10) At the equilibrium price, what areas (labeled by numbers) represent the

consumer surplus?

11) At the equilibrium price, what areas represent the producer surplus?

12) At the equilibrium price, what areas represent the social surplus?

13) Suppose that a price floor is set at P1. How much do consumers purchase of the

good (Q2, Q1, or Q0)? Is this more or less than at equilibrium?

14) At the price floor of P1, what areas represent the consumer surplus?

MyDTCC X MyLab IT Grades - OAT152-2W X 5 Microsoft Word - Bielanskl_App X Ask a Question X Traductor de Google X X C @ File | C:/Users/Mayerling/Downloads/ECO122_Assessment2%20(1).pdf M Paused Microsoft Word - Bielanskl_Applications of Supply and Demand.docx 3/4 Application 3: Agricultural Foodstuffs Assume the below is the market for agricultural foodstuff (corn, wheat, soybean, etc.): The areas are labeled by numbers (1, 2, 3, 4, 5). Price ($) Supply P1 2 2 P2 4 5. Demand $0 Q2 Q1 Q0 Quantity 10) At the equilibrium price, what areas (labeled by numbers) represent the + consumer surplus? 11) At the equilibrium price, what areas represent the producer surplus? 12) At the equilibrium price, what areas represent the social surplus? Start a search O e qb W 6:46 AM 2/16/2020