MytconLab All Assignments ECON 2420-002 (1) Quiz: Chapter 4 Quiz Submit Quiz Thi

Question

MytconLab All Assignments ECON 2420-002 (1) Quiz: Chapter 4 Quiz Submit Quiz This Question: 4 pts 6 ot 7 (5 complete)This Quiz: 10 pts possibl The diagram to the right shows a market in which a price floor has been imposed. Identify the following (enter all values as integers). 6.7 a. The deadweight loss is b. The transfer of consumer surplus to producers is 5.75- floor c. Producer surplus with this price floor is S 4.75 d. Consumer surplus with this price floor is s 3.7 Demand an nnn Enter your answer in each of the answer boxes. Reflect in ePortfolio cl

Explanation / Answer

a. The area of C and E which is 0.5*(30000-15000)*(5.75-3.75)= $15000

b. The area of B which is 15000*1=$15000

c. The area of B,D,F which is 15000+15000+7500=$37500

d. The area of A, which is 0.5*1500*(6.75-5.75)=$7500

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