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80 S The diagram below shows a price floor of $50 that has been set for good Y. Calculate: 50 a the surplus (excess supply),
80 S The diagram below shows a price floor of $50 that has been set for good Y. Calculate: 50 a the surplus (excess supply), b the change in consumer expenditure, 40 c the change in producer revenue, d the change in consumer surplus, 20 e the change in producer surplus, and 10 f welfare loss. 0 2 4 6 8 10 12 14 units of good X (thousands)
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