14. Which of the following area(s) represent deadweight loss if the price is set to P]? a. A b. A, B and C c. C and E d. B, D and F Price 24 + Supply 22 20 + H 18 4 - - 16 - 14 + 12 4- - - Demand 10 - 8 - 6 - 2 3 S 7 8 9 10 11 Quantity 15. Refer to Figure 7-24. If the government imposes a price floor at $18, then consumer surplus is a. ABF. AGH. HGCD. HGBF.7. Karen decides that as long as someone is willing to pay more than 5100 she ll sell her couch on Craigslist. She lists her couch for $300 and the next day someone calls her up and offers her $250. 1. If Karen sells her couch, she will have a producer surplus of $250. 2. Karen should not sell her couch because she will make a loss of $50. 3. If Karen sells her couch, she will have a consumer surplus of $250. 4. If Karen sells her couch, she will have a consumer surplus of $150. 5. If Karen sells her couch, she will have a producer surplus of $150. I Sellers Reservation Price 8. See chart above. Four different students have one textbook each that they are considering selling back to the bookstore after the semester ends. The table above shows each student's reservation price, or the lowest price at which they would be willing to sell the book. The bookstore is buying textbooks at a price of 525. Use this information to answer the following questions. 1. How many of the students will agree to sell their textbooks? Answer: b. What is Alex's producer surplus? Answer: Please use the graph below to answer question 11 - 13: Price Quantity 11. Which of the following area{s) represent producer surplus when the price is equal to P2? A) D, E, and F B) B and Cl C) D and E D) A, B, and C 12. Which of the following area{s) represent consumer surplus when the price is equal to P2? a. D, E, and F b. Band C c. Dand E d. A, B, and C 13. Which of the following area{s) represent consumer surplus when the price is equal to P3? a. F b. A, B and C c. C and E d. A, B, and D Price 24 + Supply A 22 20 - H 16 - - - 14 + 12. Demand 10 - 8 3 9 10 11 Quantity 15. Refer to Figure 7-24. If the government imposes a price floor at $18, then consumer surplus is a. ABF. AGH. HGCD. HGBF