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Please answer the questions carefully with explanation and show your work Write your answer in the space provided or on a separate sheet of paper.

Please answer the questions carefully with explanation and show your work

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Write your answer in the space provided or on a separate sheet of paper. 500 1000 1500 Q 1) The above figure shows the demand and supply curves in the market for milk. If the government imposes a quota at 500 gallons, graphically illustrate and calculate the deadweight loss. 2) The figure below shows the demand and supply curves in the market for milk. Currently the market is in equilibrium. The government establishes a $4 per gallon price support by allowing the sellers to sell all it produces to the consumers and paying the difference between the support price and the price that consumers pay. Graphically illustrate and calculate the deadweight loss. 100- Spamestle 50 ---.. 25--- Sworld Domestic 25 50 75 3) Suppose that market demand for a good is Q= 480 - 2p. The marginal cost is MC = 2Q. Calculate the deadweight loss resulting from a monopoly in this market 4) Suppose a monopolist has TC =100 + 10Q + 2Q, and the demand curve it faces is p = 90 - 2Q. What will be the price, quantity, and profit for this firm

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