ADVANCED ANALYSIS Given the following diagrams: Q1 = 15 bags, Q2 = 10 bags. Q3 = 22 bags. The market equilibrium price point b is $40 per bag. The price at point a is $70 and the price at point c is $10 per bag. The price at point d is $50 and the price at point e is $30 per bag. The price at point f is $54 and the price at point g is $26 per bag. Apply the formula for the area of a triangle (Area = ½ x Base x Height) to answer the following questions. Emoency bss tmunderpoducton Emency los tom production Quantity (Bags) Quantity (aga) a. What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output Q, level is being produced? How large is the dollar value of the consumer surplus at that output Q, 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? (teg (teg d

ADVANCED ANALYSIS Given the following diagrams: Q1 = 15 bags, Q2 = 10 bags. Q3 = 22 bags. The market equilibrium price point b is $40 per bag. The price at point a is $70 and the price at point c is $10 per bag. The price at point d is $50 and the price at point e is $30 per bag. The price at point f is $54 and the price at point g is $26 per bag. Apply the formula for the area of a triangle (Area = ½ x Base x Height) to answer the following questions. Emoency bss tmunderpoducton Emency los tom production Quantity (Bags) Quantity (aga) a. What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output Q, level is being produced? How large is the dollar value of the consumer surplus at that output Q, 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? (teg (teg d

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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