17. Use the diagram on the right to answer the following questions: (round all numerical responses to two decimal places) Consumer surplus at a price of $12 and production of 500 thousand flu vaccinations per day is $ million. For the same equilibrium, total producer surplus is million. Assuming price remained at $12 but production was cut to 200 thousand vaccinations per day, producer surplus is now $ million and consumer surplus is million. $ The deadweight loss from underproduction is $ million. Price per vaccination ($) 25- 19.8 12- 8.04+ 5.4- S D 0 100 200 300 400 500 600 700 800 900 1000 Thousands of vaccinations per day

17. Use the diagram on the right to answer the following questions: (round all numerical responses to two decimal places) Consumer surplus at a price of $12 and production of 500 thousand flu vaccinations per day is $ million. For the same equilibrium, total producer surplus is million. Assuming price remained at $12 but production was cut to 200 thousand vaccinations per day, producer surplus is now $ million and consumer surplus is million. $ The deadweight loss from underproduction is $ million. Price per vaccination ($) 25- 19.8 12- 8.04+ 5.4- S D 0 100 200 300 400 500 600 700 800 900 1000 Thousands of vaccinations per day

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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