Perfect Competition If the government sets a quota of 200 thousand units a. What quantity and price after regulated quota? b. How much consumer surplus does the consumer receive? c. How much producer surplus does the producer receive? d. What is the total surplus the Community get? e. How much deadweight loss? Price (dollars per purse) 50 40 30 20 10 T D b C D- MSB S = MSC 100 200 300 400 500 600 Quantity (thousands of purses per month)

Perfect Competition If the government sets a quota of 200 thousand units a. What quantity and price after regulated quota? b. How much consumer surplus does the consumer receive? c. How much producer surplus does the producer receive? d. What is the total surplus the Community get? e. How much deadweight loss? Price (dollars per purse) 50 40 30 20 10 T D b C D- MSB S = MSC 100 200 300 400 500 600 Quantity (thousands of purses per month)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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I need a,b,c,d,e. all answers i will give 5 upvotes no chatgpt

Perfect Competition If the government
sets a quota of 200 thousand units a.
What quantity and price after regulated
quota? b. How much consumer surplus
does the consumer receive? c. How much
producer surplus does the producer
receive? d. What is the total surplus the
Community get? e. How much
deadweight loss?
Price (dollars per purse)
50
40
30
20
10
O
a
b
✓
D- MSB
S-MSC
9
100 200 300 400 500 600
Quantity (thousands of purses per month)

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Step 1: Define production quota:

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Step 2: Determine the quantity and price after quota:

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Step 3: Determine consumer surplus after quota:

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Step 4: Determine producer surplus after quota:

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Step 5: Determine the total surplus:

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Step 6: Determine the deadweight loss:

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