ADVANCED ANALYSISGiven the following diagrams:Q₁= 25 bags, Q₂= 20 bags, Q₃= 32 bags. The market equilibrium price pointbis $60 per bag.

The price at pointais $110 and the price at pointcis $10 per bag. The price at pointdis $70 and the price at pointeis $50 per bag. The price at pointfis $74 and the price at pointgis $46 per bag.

Apply the formula for the area of a triangle (Area = Base Height) to answer the following questions.

a.What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output Q₁level is being produced?

$

How large is the dollar value of the consumer surplus at that output Q₁level?

Instructions: Round your answer to one decimal place.

$

b.What is the dollar value of the deadweight loss when output level Q₂is being produced?

Instructions: Round your answer to one decimal place.

$

What is the total surplus when output level Q₂is being produced?

Instructions: Round your answer to one decimal place.

$

c.What is the dollar value of the deadweight loss when output level Q₃is produced?

Instructions: Round your answer to one decimal place.

$

What is the dollar value of the total surplus when output level Q₃is produced?

Instructions: Round your answer to one decimal place.

(a) (b) Efficiency loss from underproduction Price (Per Bag) a S d Efficiency loss from overproduction b e C D Price (Per Bag) a S f b Q21 Q- g C D Quantity (Bags) Q3 Quantity (Bags)