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) 3.50 3.09 2.50 2.00 1.50 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 O for Cranberries 4.0 Tools 3.5 3.0 25 Price ($ per kilogram) 20 1.5 0.5 6 8 10 Quantity (millions of kilograms per year) b. Before government intervention equilibrium price is $ and equilibrium quantity is Will] million kilograms per year. Enter your responses for prices rounded to 2 decimal places. . 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 2 million kilograms per year. The new equilibrium price becomes s 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) \\ ] and producers still operating in the market are |(Click to select) V 9. The deadweight loss resulting from the output restriction is a dollar estimate of how much