Chrome e File Edit View History Bookmarks Profiles Tab Window Help G Q & Tue Apr 5 2:10 PM D2L Test 2 Review Questions Part1 x D2L Homepage - ECON13936 Micro X Question 4 - Post Class Quiz # X *Course Hero C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmid... Update : Post Class Quiz #4: Chapters 6 & 7 i Saved Help Save & Exit Submit 4 The table below shows hypothetical market demand and supply schedules for cranberries. Price Quantity Demanded Quantity Supplied ($ per kg) (millions of kg per year) (millions of kg per year) S . 0 12 2 . 50 01:44:49 2.00 1.50 9 1.00 12 0 a. Draw a graph showing the demand and supply curves, D and S. Plot only the endpoints to draw the demand curve (D) and the supply curve (S). Market Supply and Demand for Cranberries 3.5 Tools 3.0 (5, 3 ) 2.5 2.0 Price ($ per kilogram) 1.5 1.0 0.5 Mc Graw Hill 2 APR 56 Chrome File Edit View History Bookmarks Profiles Tab Window Help a Q Q G L II 'o' Q >8 8 Q TueApr5 2:10 PM 112i T:: _' i: is i i' 0: m: 3; . [Ill i cm Question 47 PostCiasS Quiz X t l; I'Liii' a u + eztolmheducationcom Post Class Quiz #4: Chapters 6 & 7 0 Saved Help Save 5 Exit Submit 4 uualluly ulmlluns ul Iulugnams per year) b. Before government intervention equilibrium price is $ and equilibrium quantity is million kilograms per year. Enter your responses for prices rounded to 2 decimal places. c. The initial consumer surplus in this market is $ million and the initial producer surplus is $ million. d. Certain producers in this market are given exclusive rights to sell cranberries and they choose to restrict quantity supplied to 3 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. g 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