On the graph, identify the areas of deadweight loss due to over production (DWLP), deadweight loss due to lost consumption (DWLC), the change in producer (PS), and tariff revenues (TR), and then calculate those values, plus the change in consumer surplus. Please enter all answers as a positive integer. Deadweight loss due to over production: $ Deadweight loss due to less consumption: $ Change in producer surplus: $ Tariff revenue: $ Change in consumer surplus: $ Price ($) 20 19 DWLP DWLC PS TR Supply 18 17 16 15 14 13 12 11 10 9 8 World price + tariff 7 6 5 4 World price 3 2 Demand 1 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Quantity
On the graph, identify the areas of deadweight loss due to over production (DWLP), deadweight loss due to lost consumption (DWLC), the change in producer (PS), and tariff revenues (TR), and then calculate those values, plus the change in consumer surplus. Please enter all answers as a positive integer. Deadweight loss due to over production: $ Deadweight loss due to less consumption: $ Change in producer surplus: $ Tariff revenue: $ Change in consumer surplus: $ Price ($) 20 19 DWLP DWLC PS TR Supply 18 17 16 15 14 13 12 11 10 9 8 World price + tariff 7 6 5 4 World price 3 2 Demand 1 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Quantity
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 5WNG
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