The government has set milk prices artificially high at pt (price/unit). Sketch a graph of a supply curve S(q) and a demand curve D(q). Label the equilibrium price and quantity p* and q*, respectively. Then label a price pt that is greater than p*. Let qt be the quantity for which the demand curve passes through p+. A. On your graph, highlight the area corresponding to the consumer surplus when the price is p+. This area can be expressed as B. On your graph, highlight the area corresponding to the producer surplus when the price is pt. This area can be expressed as C. The total gains from trade are given by the sum (consumer surplus + producer surplus). How do the total gains from trade change when the price is changed from p* to p +?

Q: Who is william smith

A: William Smith was born on March 23, 1769 and lived for 70 years. He was born in Churchill,…

Q: what is the meaning of a research instrument

A: The word "research instrument" refers to any device you may employ to gather, measure, and analyse…

Q: what about question g

A: Equilibrium price is a fundamental concept in economics that refers to the price at which the…

Q: Where did the $98 come from?

A: Deadweight loss can be described as the loss of total welfare or the social surplus because of…

Q: When did Jesus died

A: April 3, 33 AD

Q: What happens if you make the underground economy legal?

A: Underground economy is the economic activities which are beyond the reach of tax regulators and…

Q: Please solve Part G and Part H. Thank you so much!

A: There are two firms in duopolistic market with product differentiation .Demand function for firm i :…

Q: What is the matter economic

A: Discussing the "matter" of economics involves exploring its fundamental components and core…

Q: the increasing integration of eocnomies cultures and institutions across the world

A: People can share culture, institutions and other social-economic among each other.

Q: ings that Mark Louis provided to you during an online presentation.

A: 1. Leverage your voice Whenever you eliminate the actual point from your show, your voice…

Q: solve all plea

A: Hi there , as per our guidelines we can solve only 1 question at a time . So we are solving Ques 2-2…

Q: What job did online banking destroy? What jobs did it create ? How might artificial intelligence…

A: With the advent of online banking, it is seen that there has been changes in the composition of…

Q: Give example of merit

A: Merit pay refers to performance-related pay which provides bonuses or base pay increases for…

Q: How the study of history of economics help people in their daily life

A: Economics is related to many aspects of the world. Various countries in the world are carrying out…

Q: who is Peter Brennan and what does he does?

A: Some of the people inthe world are known for their work and their contribution in the society in…

Q: the increasing integration of eocnomies cultures and institutions across the world

A: Promoting interaction, interdependence, and integration of nations economically, politically, and…

Q: What role have leaders played in its formation and maintenance?

A: Answer in step 2

Q: Based on what you have learned so far, what is the biggest problem an economy faces and how can we…

A: In the short run, all resources are fixed but labor is a variable input and in the long run, all…

Q: What are the mathematical tools in research

A: Research and analysis is the basis of all the theories that are formed and analyzed so that they can…

Q: A pharmaceutical corporation has developed a unique new drug, making the company a monopoly. Demand…

A: For a monopoly, profit maximization occurs at the point where MR equals MC

Q: Question 2: Assume that apples are produced in a perfectly competitive market. Columbia's Orchard is…

A: a. In a competitive market the demand curve is the fixed at market price. That is, the price line is…