QUESTION 10 In 1930 the Australian Football League (AFL), at the time the Victorian Football League (VFL), implemented a price ceiling wage on all AFL players known as the Coulter Law. The ceiling was 3 pounds, approximately $230 dollars in today's money. The market equilibrium price was 4.4 pounds and the equilibrium quantity of players was 400. The supply of players at the price ceiling is 300 whilst the willingness of clubs to pay for players is 8.4 pounds at the quantity of 300. What is the dead weight loss as a result of the price ceiling? Answer in pounds to the nearest two decimal places. 1306.08 bruce 8-4 4.4 C price Calling W D 300 400 anantity Here, Dis demand Give and Sis Supply aswe. Here, dead weight loss: area of AFB = aqua of ACE+ area of BCE. - 2 * ( 8 .4 - 4. 4 ) x" ( 400 - 300 ) + -x ( 4. 4 - 3 ) x ( 400- 300 ) 5x 4 X100 + - x 1:4 x 100 200+ 70 = 270 So dead weight loss foo of the price calling, 270 pounds