What is the deadweight loss if there is an $8 price floor?Price of asparagus(S/pound)O 1500O 4500O 6500O 1000O 6000$10-9.8∞776105-4-32-1-SD01 2 3 4 5 6 7 8 9 10 Quantity of asparagus(1,000s of pounds) What is the producer surplus if there is a $3 price ceiling?Price of asparagus(S/pound)KO 8000O 1500O 10000O 2000O 1000$10-9876-54-321SD0 1 2 3 4 5 6 7 8 9 10 Quantity of asparagus(1,000s of pounds)

Since you have posted multiple questions, we will provide the solution only for the first question…

What is the deadweight loss if there is an $8 price floor? Price of asparagus (S/pound) O 1500 O 4500 O 6500 O 1000 O 6000 $10- 9 8- 7- 6- 50 4 4321 3- S D 0 1 2 3 4 5 6 7 8 9 10 Quantity of asparagus (1,000s of pounds)

What is the deadweight loss if there is an $8 price floor? Price of asparagus (S/pound) O 1500 O 4500 O 6500 O 1000 O 6000 $10- 9 8- 7- 6- 50 4 4321 3- S D 0 1 2 3 4 5 6 7 8 9 10 Quantity of asparagus (1,000s of pounds)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

What is the deadweight loss if there is an $8 price floor?
Price of asparagus
(S/pound)
O 1500
O 4500
O 6500
O 1000
O 6000
$10-
9.
8
∞7
7
6
10
5-
4-
3
2-
1-
S
D
0
1 2 3 4 5 6 7 8 9 10 Quantity of asparagus
(1,000s of pounds)

What is the producer surplus if there is a $3 price ceiling?
Price of asparagus
(S/pound)
K
O 8000
O 1500
O 10000
O 2000
O 1000
$10-
9
8
7
6-
5
4-
3
2
1
S
D
0 1 2 3 4 5 6 7 8 9 10 Quantity of asparagus
(1,000s of pounds)

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