I need help with d, ei, and eii (show all your work) Thank you!! The graph below shows the market for widgets. The government is considering intervening in thiS market.$40Demand$30Supply$20$1002 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32QuantityCalculate the total producer surplus at the market equilibrium price and quantity. Show your work.b. If the government imposes a price floor at $16, is there a shortage, a surplus, or neither? Explain.c. If instead the government imposes a price ceiling at $12, is there a shortage, a surplus, or neither? Explain.d. If instead the government restricts the market output to 10 units, calculate the deadweight loss. Showyourwork.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, orperfectly inelastic?Pricea.

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?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 5P

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