9. Unique Flowers is the only florist in Wales. When the firm maximizes profit, is theoutcome efficient?P, Cost[S/bouquet]170MC65D10110Quantity [#of bouquets]Market for BouquetsUse the diagram to answer the questions below:(1) Calculate the dollar value of consumer surplus, CS =(2) Calculate the dollar value of producer surplus, PS =(3) Is the outcome efficient?(Hint: Please work out the following steps in your notes to be able to answer theabove questions. Draw the MR curve and labelMR. Draw a point at the firm'sprofit maximizing output and price and label it, EM. Draw a shape to visualize theconsumer surplus and label it, CS. Draw a shape to show the producer surplus andlabel it, PS)Select 3 correct answer(s)(1) CS = $3412.5(1) CS = $750(2) PS = $1,650(2) PS = $0(3) efficient(3) inefficient

Consumer surplus and producer surplus total is called total surplus or welfare of society.

Answered: Unique Flowers is the only florist in…

Unique Flowers is the only florist in Wales. When the firm maximizes profit, is the outcome efficient? P. Cost [Sbouquet] 170 MC 65

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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