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) D S 3. 00 0 2. 50 3 2. 00 1. 50 3 1. 00 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 3.5 Tools 3.0 D S 2.5 2.0 Price ($ per kilogram) 1.5 1.0 0.5 2 3 Quantity (millions of kilograms per year)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. c. 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 1 million kilograms per year. 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) | and producers still operating in the market are: (Click to select) (Click to select) g. The deadweight loss resulting from the output restriction is a dollar estimate of how much better off worse off O 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