Homework Help is Here – Start Your Trial Now!
Business
Economics
ADVANCED ANALYSIS Assume the following values for the figures below. Q₁-20 bags. Q2-15 bags. Q3-27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at cis $5 per bag. The price at fis $59 per bag. The price at g is $31 per bag. Apply the formula for the area of a triangle (Area =12x Base x Height) to answer the following questions. (a) (b) $85 $55 8 $45 Efficiency loss from underproduction $35 $5 15 20 Quantity (bags) $85 $59 $45 $31 $5 Efficiency loss from overproduction 20 27 Quantity (bags) Instructions: Enter your answers as a whole number a. What is the dollar value of the total surplus (= producer surplus + consumer surplus) when the allocatively efficient output level is produced? $ What is the dollar value of the consumer surplus at that output level? $[ b. What is the dollar value of the deadweight loss when output level Q2 is produced? What is the total surplus when output level Q2 Is produced? $ 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?

ADVANCED ANALYSIS Assume the following values for the figures below. Q₁-20 bags. Q2-15 bags. Q3-27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at cis $5 per bag. The price at fis $59 per bag. The price at g is $31 per bag. Apply the formula for the area of a triangle (Area =12x Base x Height) to answer the following questions. (a) (b) $85 $55 8 $45 Efficiency loss from underproduction $35 $5 15 20 Quantity (bags) $85 $59 $45 $31 $5 Efficiency loss from overproduction 20 27 Quantity (bags) Instructions: Enter your answers as a whole number a. What is the dollar value of the total surplus (= producer surplus + consumer surplus) when the allocatively efficient output level is produced? $ What is the dollar value of the consumer surplus at that output level? $[ b. What is the dollar value of the deadweight loss when output level Q2 is produced? What is the total surplus when output level Q2 Is produced? $ 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?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question
not use ai please
ADVANCED ANALYSIS Assume the following values for the figures below. Q₁-20 bags. Q2-15 bags. Q3-27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at cis $5 per bag. The price at fis $59 per bag. The price at g is $31 per bag. Apply the formula for the area of a triangle (Area =12x Base x Height) to answer the following questions. (a) (b) $85 $55 8 $45 Efficiency loss from underproduction $35 $5 15 20 Quantity (bags) $85 $59 $45 $31 $5 Efficiency loss from overproduction 20 27 Quantity (bags) Instructions: Enter your answers as a whole number a. What is the dollar value of the total surplus (= producer surplus + consumer surplus) when the allocatively efficient output level is produced? $ What is the dollar value of the consumer surplus at that output level? $[ b. What is the dollar value of the deadweight loss when output level Q2 is produced? What is the total surplus when output level Q2 Is produced? $ 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?
Transcribed Image Text:ADVANCED ANALYSIS Assume the following values for the figures below. Q₁-20 bags. Q2-15 bags. Q3-27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at cis $5 per bag. The price at fis $59 per bag. The price at g is $31 per bag. Apply the formula for the area of a triangle (Area =12x Base x Height) to answer the following questions. (a) (b) $85 $55 8 $45 Efficiency loss from underproduction $35 $5 15 20 Quantity (bags) $85 $59 $45 $31 $5 Efficiency loss from overproduction 20 27 Quantity (bags) Instructions: Enter your answers as a whole number a. What is the dollar value of the total surplus (= producer surplus + consumer surplus) when the allocatively efficient output level is produced? $ What is the dollar value of the consumer surplus at that output level? $[ b. What is the dollar value of the deadweight loss when output level Q2 is produced? What is the total surplus when output level Q2 Is produced? $ 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?
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS