Question
to answer all the parts of this question. Typeyour answers in the blank spaces provided. All the answerstothesequestions should benumeric values. a) At the market
to answer all the parts of this question. Typeyour answers in the blank spaces provided.All the answerstothesequestions should benumeric values.
a)At the market equilibrium price, consumer surplus is equal to $
b)At the market equilibrium price, producer surplus is equal to $
c) At the market equilibrium price, total surplus is equal to $
Refer to the graph above.Now suppose that the government imposes a minimum price (price floor) at $54.
d) With the price floor in place, the new consumer surplus is equal to $
e)With the price floor in place, the new producer surplus is equal to $
f) With the price floor in place, the new total surplus is equal to $
g) The efficiency loss (deadweight loss) resulting from the price floor is equal to $
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