ADVANCED ANALYSIS Assume the following values for the diagrams below: O = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The marketequilibrium price is $45 per bag. The price at point a is $85 per bag The price at point c is $5 per bag. The price at point dis $55 perbag. The price at point e is $35 per bag. The price at point fis $59 per bag. The price at point g is $31 per bag. Apply the formula forthe area of a triangie (Area = % x Base x Height) to answer the following questions, Quantity (bags)Quantity (bags)Instructions: Round your answers to two decimal places.a. What is the dollar value of the total surplus (= producer surplus + consumer surplus) when the alocatively efficient output level isproduced?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?cWhat is the dollar value of the deadweight loss when output level Qg is produced?What is the dollar value of the total surplus when output levei Og is produced?

Given; Quantity:- Q1=20 Q2=15 Q3=27 Price at point:- a= $85 per…

D Quantity (bags) Quantity (bags) nstructions: Round your answers to two decimal places. What is the dollar value of the total surplus (e producer surplus consumer surplus) when the alocatively efficient output level is produced? What is the dolar value of the consumer surplus at that output level? What is the dollar value of the deadweight loss when output level 02 is produced? What is the total surplus when output level Q2 is produced? What is the dollar value of the deadweight loss when output level Qg is produced? What is the dollar value of the total surplus when output level Og is produced?

D Quantity (bags) Quantity (bags) nstructions: Round your answers to two decimal places. What is the dollar value of the total surplus (e producer surplus consumer surplus) when the alocatively efficient output level is produced? What is the dolar value of the consumer surplus at that output level? What is the dollar value of the deadweight loss when output level 02 is produced? What is the total surplus when output level Q2 is produced? What is the dollar value of the deadweight loss when output level Qg is produced? What is the dollar value of the total surplus when output level Og is produced?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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