Click on the icon to read the news clip, then answer the following questions The graph shows the market for milk in Venezuela when a price control is in effect Draw a shape that represents) 1) consumer surplus Label it CS 2) producer surplus Label it PS 3) the deadweight loss Label it DWL Also draw a shape that show the resources lost from time spend in line Label it Loss Moving from a milk market with no price controls to a milk with price controls surplus and producer surplus OA. increases, decreases OB. increases, increases OC. decreases, decreases OD. decreases, increases 60- $ 50- 40 40- 30- consumer 20- 300 Price control D 10+ 0 100 200 300 400 500 600 Quantity (gallons of milk) 700 >>> Draw only the objects specified in the question

Click on the icon to read the news clip, then answer the following questions The graph shows the market for milk in Venezuela when a price control is in effect Draw a shape that represents) 1) consumer surplus Label it CS 2) producer surplus Label it PS 3) the deadweight loss Label it DWL Also draw a shape that show the resources lost from time spend in line Label it Loss Moving from a milk market with no price controls to a milk with price controls surplus and producer surplus OA. increases, decreases OB. increases, increases OC. decreases, decreases OD. decreases, increases 60- $ 50- 40 40- 30- consumer 20- 300 Price control D 10+ 0 100 200 300 400 500 600 Quantity (gallons of milk) 700 >>> Draw only the objects specified in the question

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The graph shows the market for game consoles. Suppose 1 million game consoles a year are being produced Draw the deadweight loss on game consoles. Suppose the quantity of game consoles produced is 1 million and the price is the equilibrium price Price (dollars per game console) 600- 500- 400- 300 300- Calculate the consumer surplus, producer surplus, and deadweight loss 200- The consumer surplus is $million 100- The producer surplus is $ million The deadweight loss is $million 3 Quantity (millions of game consoles per year) >>> Draw only the objects specified in the question
Suppose that the price of materials used to produce computer hardware, such as graphics cards, is decreased. Show what occurs to price, quantity, consumer surplus, producer surplus, and total surplus in the market for computers graphic cards using a supply-and-demand diagram (draw a graph). Furthermore, provide five explanations for what occurred.
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