39 The table shows the demand and supply schedules for raspberries.Suppose that the government introduces a production quota for raspberries and sets it at5,250 pounds per week.What are the market price of raspberries, the producer surplus, and the deadweightloss created?CThe market price of raspberries is $ a pound.The producer surplus is $>>> Answer to two decimal places.The deadweight loss is $Price(dollars per pound)1.753.505.257.008.7510.50Quantitydemanded(pounds per week)7,8757,000Quantitysupplied6,1255,2504.3753,50001,7503,5005,2507,0008,750

a) At supply of 5250 pounds per week market price of raspberries is $7.00 a pound (from the given…

The table shows the demand and supply schedules for raspberries. Suppose that the government introduces a production quota for raspberries and sets it at 5,250 pounds per week. What are the market price of raspberries, the producer surplus, and the deadweight oss created? The market price of raspberries is $ a pound. The producer surplus is S >>>Answer to two decimal places. The deadweight loss is Price (dollars per pound) 1.75 3.50 5.25 7.00 8.75 10.50 Quantity demanded (pounds per week) 7,875 7,000 6.125 Quantity supplied 5,250 4.375 3,500 0 1,750 3,500 5,250 7.000 8.750

The table shows the demand and supply schedules for raspberries. Suppose that the government introduces a production quota for raspberries and sets it at 5,250 pounds per week. What are the market price of raspberries, the producer surplus, and the deadweight oss created? The market price of raspberries is $ a pound. The producer surplus is S >>>Answer to two decimal places. The deadweight loss is Price (dollars per pound) 1.75 3.50 5.25 7.00 8.75 10.50 Quantity demanded (pounds per week) 7,875 7,000 6.125 Quantity supplied 5,250 4.375 3,500 0 1,750 3,500 5,250 7.000 8.750

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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