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The U.S. National Park Service wants to restrict the number of visitors to Yosemite National Park to L *, which is fewer than the current

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The U.S. National Park Service wants to restrict the number of visitors to Yosemite National Park to L *, which is fewer than the current volume. It considers two policies: (1) raising the price of admissions and (2) setting a quota that limits the number of visits by S in-state residents. Compare the effects of these two policies on consumer surplus and welfare. Use a graph to show which policy is superior by your criterion. 10 Assume the figure at right illustrates the market for visits to Yosemite National Park, where the price floor is p and the quota is L * . The market is initially at an equilibrium at e1. First, show the effect of the price floor on consumer surplus and welfare. e 1.) Using the point drawing tool, indicate the price consumers pay and the quantity they consume. Label this point "e2." p, $ per visit 2.) Using the rectangle drawing tool and the triangle drawing tool each once, shade in the change in consumer surplus as a result of the price floor. Attach the appropriate provided labels (CS Rectangle . Triangle . Rectangle , or C'S Triangle). D 3.) Using the triangle drawing tool, shade in deadweight loss (DWL) or new surplus (NS) Q1 from the price floor. Q, Visits Attach the appropriate provided labels, where "+ " indicates a positive change and " -" indicates a negative change. Carefully follow the instructions above and only draw the required objects

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