I need help with d, ei, and eii (show all your work) Thank you!! ### Educational Text for a Supply and Demand GraphThe graph depicted illustrates the market for widgets, with both demand and supply curves prominently displayed. The government is considering interventions in this market. Below, we explore various economic scenarios and their potential impacts.#### Graph Description:- **Axes:** - The vertical axis represents the "Price" in dollars, ranging from $0 to $40. - The horizontal axis represents the "Quantity," ranging from 0 to 32 units.- **Curves:** - The **Demand Curve** slopes downwards from left to right, indicating the inverse relationship between price and quantity demanded. - The **Supply Curve** slopes upwards from left to right, demonstrating the direct relationship between price and quantity supplied.- **Equilibrium:** - The intersection of the demand and supply curves represents the market equilibrium, indicating the equilibrium price and quantity.#### Analysis Questions:a. **Total Producer Surplus Calculation:** - Calculate the total producer surplus at the market equilibrium price and quantity. Show your work.b. **Price Floor at $16:** - If the government imposes a price floor of $16, is there a shortage, a surplus, or neither? Explain.c. **Price Ceiling at $12:** - If the government imposes a price ceiling at $12, is there a shortage, a surplus, or neither? Explain.d. **Market Output Restriction to 10 Units:** - If the government restricts the market output to 10 units, calculate the deadweight loss. Show your work.e. **Price Change Analysis:** - Assume the price decreases from $20 to $12. - i. Calculate the price elasticity of demand. Show your work. - ii. In this price range, is demand perfectly elastic, relatively elastic, unit elastic, relatively inelastic, or perfectly inelastic?These questions are designed to deepen your understanding of economic principles related to supply, demand, and market equilibrium.

Answered: Image /qna-images/answer/4deee349-09fa-4a84-a255-5b5b97bcb160.jpg

d. If instead the government restricts the market output to 10 units, calculate the deadweight loss. Show your work. e. Assume the price decreases from $20 to $12. i. Calculate the price elasticity of demand. Show your work. ii. In this price range, is demand perfectly elastic, relatively elastic, unit elastic, relatively inelastic, or perfectly inelastic?

d. If instead the government restricts the market output to 10 units, calculate the deadweight loss. Show your work. e. Assume the price decreases from $20 to $12. i. Calculate the price elasticity of demand. Show your work. ii. In this price range, is demand perfectly elastic, relatively elastic, unit elastic, relatively inelastic, or perfectly inelastic?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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