Advanced analysis given the following diagrams q1 20 bags


(Advanced Analysis) Given the following diagrams: Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price point b is $45 per bag. The price at point a is $85 and the price at point c is $5 per bag. The price at point d is $55 and the price at point e is $35 per bag. The price at point f is $59 and the price at point g is $31 per bag. Apply the formula for the area of a triangle (Area = ½ × Base × Height) to answer the following questions. a. What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output Q1 level is being produced? $ How large is the dollar value of the consumer surplus at that output Q1 level? Instructions: Round your answer to one decimal place. $ b. What is the dollar value of the deadweight loss when output level Q2 is being produced? Instructions: Round your answer to one decimal place. $ What is the total surplus when output level Q2 is being produced? Instructions: Round your answer to one decimal place. $ c. What is the dollar value of the deadweight loss when output level Q3 is produced? $ What is the dollar value of the total surplus when output level Q3 is produced?

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Business Economics: Advanced analysis given the following diagrams q1 20 bags
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