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answer clearly with explanation Attempt 12 Price Ceilings and Floors: End of Chapter Problem Macmillan Learning Let's measure consumer surplus if the government imposes Price

answer clearly with explanation

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Attempt 12 Price Ceilings and Floors: End of Chapter Problem Macmillan Learning Let's measure consumer surplus if the government imposes Price ($) price controls and goods end up being randomly allocated 110 among those consumers willing to pay the controlled price. 100 - - - Use the demand and supply curves in the figure to answer the questions. Supply Controlled 10 - - - 7 price Demand 1000 4000 Quantity a. What is consumer surplus (CS) under the price control? CS price control: $ 50000 b. What would consumer surplus be if the quantity supplied were 1,000 but the goods were allocated to the highest-value users? CShighest value: $

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