6 Chrome File Edit Bookmarks View History Profiles Tab Window Help 7 / llll. llnn Question 4 7 X t Li ezto'mheducationcom Post Class Quiz #4: Chapters 6 & 7 0 Saved Help Save 8. Exit Submit q The table below shows hypothetical market demand and supply schedules for cranberries Price quantity Demanded Quantity supplied $ or k- millions of k- - millions of k- , a. Draw a graph showing the demand and supply curves, D and 5. Plot only the endpoints to draw the demand curve (D) and the supply curve (5) Market Supply and Demand k" G) for Cranberries 3.5 Tools 3.0 / D S Price (3 per kilogram) 6 Chrome File Edit Bookmarks View History Profiles Tab Window Help , / llll. win Question 4 , X t Li eztoimheducationcom Post Class Quiz #4: Chapters 6 & 7 0 Saved Help Save 8. Exit Submit I 4 o 4 o q Quantity (millions of kilograms per year) b. Before government intervention equilibrium price is $ and equilibrium quantity is responses for prices rounded to 2 decimal places. illion kilograms per year. Enter your c. The initial consumer surplus in this market is $ million and the initial producer surplus is $ million. do Certain producers in this market are given exclusive rights to sell cranberries and they choose to restrict quantity supplied to 1 million kilograms per year. The new equilibrium price becomes $ and the new equilibrium quantity becomes million kilograms. e. The transfer of consumer surplus to producer surplus resulting from this policy is $ million and the deadweight loss is $ million. f. Due to this policy consumers are (Click to select) v and producers still operating in the market are (Click to select) v . g. The deadweight loss resulting from the output restriction is a dollar estimate of how much 0 consumers are made worse off. 0 producers who are still in the market are made worse off. 0 producers who have lost the right to operate in this market are made worse off 0 society as a whole is made worse off