The table shows the demand and supply schedules for mushrooms. Suppose that the government introduces a production quota for mushrooms and sets it at 2,250 pounds per week. What are the market price of mushrooms, the producer surplus, and the deadweight loss created? The market price of mushrooms is $ The producer surplus is $ >>> Answer to two decimal places. The deadweight loss is $ a pound. Price (dollars per pound) 0.75 1.50 2.25 3.00 3.75 4.50 Quantity demanded (pounds per week) 3,375 3,000 2,625 Quantity supplied 2,250 1,875 1,500 0 750 1,500 2,250 3,000 3,750

The table shows the demand and supply schedules for mushrooms. Suppose that the government introduces a production quota for mushrooms and sets it at 2,250 pounds per week. What are the market price of mushrooms, the producer surplus, and the deadweight loss created? The market price of mushrooms is $ The producer surplus is $ >>> Answer to two decimal places. The deadweight loss is $ a pound. Price (dollars per pound) 0.75 1.50 2.25 3.00 3.75 4.50 Quantity demanded (pounds per week) 3,375 3,000 2,625 Quantity supplied 2,250 1,875 1,500 0 750 1,500 2,250 3,000 3,750

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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