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Consider the following demand and supply schedules for Chocolate Frosted Sugar Bombs cereal. Price Boxes demanded per Boxes supplied per month month $5.00 0 600

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Consider the following demand and supply schedules for Chocolate Frosted Sugar Bombs cereal. Price Boxes demanded per Boxes supplied per month month $5.00 0 600 $4.00 200 500 $3.00 400 400 $2.00 600 300 $1.00 800 200 $0.00 1,000 100 Assume that the market-clearing price in this market is $3.00 and the quantity bought and sold at this price is 400 boxes per month. Calculate the deadweight loss in the cereal market as a result of this control. Fill in the blank: The deadweight loss with this price control is $ Say instead that there is a price ceiling of $200 per box imposed in this market. If the available cereal is allocated via waiting in line, calculate the total value of the time lost waiting. Fill in the blank: The value of the time lost waiting in line with this price control is $

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