The Ministry of Misallocation has decreed that the production of widgets must be 2000 each month and the production of gizmos must be 14000 each monthCalculate the deadweight loss in each market caused by these restrictions. Please note the scale of the quantity axis is in thousandsPrice of widgetsPrice of gizmos$10$100908070605098432T0SupplyDemand1 2 3 4 5 6 7 8 9 10Quantity of widgets (in thousands)A4,000 in widgets and 180,000 in giamosO88,000 in widgets and 160,000 in gizmosOC 16,000 in widgets and 300,000 in gizmosOD.16,000 in widgets and 320,000 in gizmosOE4,000 in widgets and 360,000 in gizmos8 8 8 8 8403020100SupplyDemand2 4 6 8 10 12 14 16 18 20Quantity of gizmos (in thousands)

The Ministry of Misallocation has decreed that the production of widgets must be 2000 each month and the production of gizmos must be 14000 each month Calculate the deadweight loss in each market caused by these restrictions. Please note the scale of the quantity axis is in thousands Price of widgets $10 9 7 6 Supply 0 Demand 12345678910 Quantity of widgets (in thousands) OA4,000 in widgets and 180.000 in gumos OR8,000 in widgets and 160.000 in gizmos OC 16,000 in widgets and 360,000 in gizmos OD.16,000 in widgets and 320,000 in glamos OE4,000 in widgets and 360,000 in glemos Price of gizmos $100 90 80 70 60 50 40 30 20 10 0 Supply Demand 24 6 8 10 12 14 16 18 20 Quantity of gizmos (in thousands)

The Ministry of Misallocation has decreed that the production of widgets must be 2000 each month and the production of gizmos must be 14000 each month Calculate the deadweight loss in each market caused by these restrictions. Please note the scale of the quantity axis is in thousands Price of widgets $10 9 7 6 Supply 0 Demand 12345678910 Quantity of widgets (in thousands) OA4,000 in widgets and 180.000 in gumos OR8,000 in widgets and 160.000 in gizmos OC 16,000 in widgets and 360,000 in gizmos OD.16,000 in widgets and 320,000 in glamos OE4,000 in widgets and 360,000 in glemos Price of gizmos $100 90 80 70 60 50 40 30 20 10 0 Supply Demand 24 6 8 10 12 14 16 18 20 Quantity of gizmos (in thousands)

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 4E

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