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Economic surplus at 8 million hours: $ b. Now, suppose that the actual quantity of childcare hours in the market is 4 million. Place points A and B on the graph to label the actual hours, and calculate the new value of the economic surplus in the market at 4 million hours. Economic surplus at 4 million hours: S million. c. Place the shape on the graph to label the deadweight loss that occurs in the market at 4 million hours. million.

Economic surplus at 8 million hours: $ b. Now, suppose that the actual quantity of childcare hours in the market is 4 million. Place points A and B on the graph to label the actual hours, and calculate the new value of the economic surplus in the market at 4 million hours. Economic surplus at 4 million hours: S million. c. Place the shape on the graph to label the deadweight loss that occurs in the market at 4 million hours. million.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Welfare and Efficiency-End of Chapter Problem Consider the national market for in-home childcare, depicted in the accompanying graph. a. At 8 million hours, what is the size of the total economic surplus in this market? Place the shape on the graph to label total economic surplus in this market at 8 million hours, and calculate the value of the economic surplus. Rate ($ per hour) 2 2 2 2 2 2 2 2 O.. 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 0 0 2 4 6 10 12 8 Quantity (millions of hours) Economic surplus at 8 million hours: S 14 BO 16 Supply 18 20 Economic surplu... Deadweight loss Demand million.
Transcribed Image Text:Welfare and Efficiency-End of Chapter Problem Consider the national market for in-home childcare, depicted in the accompanying graph. a. At 8 million hours, what is the size of the total economic surplus in this market? Place the shape on the graph to label total economic surplus in this market at 8 million hours, and calculate the value of the economic surplus. Rate ($ per hour) 2 2 2 2 2 2 2 2 O.. 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 0 0 2 4 6 10 12 8 Quantity (millions of hours) Economic surplus at 8 million hours: S 14 BO 16 Supply 18 20 Economic surplu... Deadweight loss Demand million.
Economic surplus at 8 million hours: $ b. Now, suppose that the actual quantity of childcare hours in the market is 4 million. Place points A and B on the graph to label the actual hours, and calculate the new value of the economic surplus in the market at 4 million hours. Economic surplus at 4 million hours: S c. Place the shape on the graph to label the deadweight loss that occurs in the market at 4 million hours. d. At 4 million hours, the marginal benefit to households is e. The efficient quantity of hours in this market is million hours. million. million. the marginal cost to child care providers.
Transcribed Image Text:Economic surplus at 8 million hours: $ b. Now, suppose that the actual quantity of childcare hours in the market is 4 million. Place points A and B on the graph to label the actual hours, and calculate the new value of the economic surplus in the market at 4 million hours. Economic surplus at 4 million hours: S c. Place the shape on the graph to label the deadweight loss that occurs in the market at 4 million hours. d. At 4 million hours, the marginal benefit to households is e. The efficient quantity of hours in this market is million hours. million. million. the marginal cost to child care providers.
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d. At 4 million hours, the marginal benefit to households is e. The efficient quantity of hours in this market is million hours. the marginal cost to child care providers.
Transcribed Image Text:d. At 4 million hours, the marginal benefit to households is e. The efficient quantity of hours in this market is million hours. the marginal cost to child care providers.
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c. Place the shape on the graph to label the deadweight loss that occurs in the market at 4 million hours. d. At 4 million hours, the marginal benefit to households is e. The efficient quantity of hours in this market is million hours. the marginal cost to child care providers.
Transcribed Image Text:c. Place the shape on the graph to label the deadweight loss that occurs in the market at 4 million hours. d. At 4 million hours, the marginal benefit to households is e. The efficient quantity of hours in this market is million hours. the marginal cost to child care providers.
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