Suppose that the government int sets it at 2,250 pounds per week. What are the market price of stra deadweight loss created? The market price of strawberries The producer surplus is $4. >>> Answer to two decimal place The deadweight loss is $2.

Suppose that the government int sets it at 2,250 pounds per week. What are the market price of stra deadweight loss created? The market price of strawberries The producer surplus is $4. >>> Answer to two decimal place The deadweight loss is $2.

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

The table shows the demand and supply schedules for strawberries.
Suppose that the government introduces a production quota for strawberries and
sets it at 2,250 pounds per week.
What are the market price of strawberries, the producer surplus, and the
deadweight loss created?
The market price of strawberries is $9 a pound.
The producer surplus is $4.
>>> Answer to two decimal places.
The deadweight loss is $2.
Price
(dollars per pound)
1.00
2.00
3.00
4.00
5.00
6.00
Quantity
demanded
Quantity
supplied
(pounds per week)
3,375
3,000
2,625
2,250
1,875
1,500
0
750
1,500
2,250
3,000
3,750
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