D2L Homepage - ECON13936 Micro E X M Question 4 - Post Class Quiz #4: ( X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mhe... A" to . . . 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. O Price Quantity Demanded Quantity Supplied ($ per kg) (millions of kg per year) (millions of kg per year) M D S 4.00 12 8 3.50 3 9 01:48:03 3.00 6 6 2. 50 9 3 2.00 12 + 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 4.5 Tools 4.0 3.5 D S 3.0 kilogram) 2.5 Mc Graw Hill 3:17 PM OLD N Lr W P PS O O 4/9/2023D2L Homepage - ECON13936 Micro E X M Question 4 - Post Class Quiz #4: ( X + X C @ https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mhe... A . . . Post Class Quiz #4: Chapters 6 & 7 i Saved Help Save & Exit Submit (S ). 4 Market Supply and Demand O for Cranberries M 4.5 Tools 8 01:47:48 4.0 3.5 D S + 3.0 2.5 Price ($ per kilogram) 2.0 1.5 1.0 0.5 0 3 6 9 12 15 Quantity (millions of kilograms per year) Mc Graw Hill N 3:18 PM Lr PS O O 4/9/2023D2L Homepage - ECON13936 Micro E X M Question 4 - Post Class Quiz #4: ( X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mhe... A" to . . . Post Class Quiz #4: Chapters 6 & 7 i Saved Help Save & Exit Submit 4 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. O c. The initial consumer surplus in this market is $ million and the initial producer surplus is $ million. M d. Certain producers in this market are given exclusive rights to sell cranberries and they choose to restrict quantity supplied to 8 01:47:36 3 million kilograms per year. D 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. 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 consumers are made worse off. O producers who are still in the market are made worse off. O producers who have lost the right to operate in this market are made worse off. O society as a whole is made worse off. Mc Graw Hill N 3:18 PM Lr PS O O 4/9/2023