11. Suppose the government of Haiti institutes a price ceiling of $35 on rice, a staple...

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11. Suppose the government of Haiti institutes a price ceiling of $35 on rice, a staple of the Haitian diet, and it rations the rice through the use of queues (waiting in line) Part 1: Use the infinite line tool to indicate a binding price ceiling (Price Ceiling). Part 2: Use vertical drop lines to indicate the quantity supplied (Q-Supplied) and the quantity demanded (Q-Demanded) at this price. Part 3: Use area tools to identify the consumer surplus (C-Surplus), producer surplus (P-Surplus), deadweight loss (D-W-Loss), and value of lost time (VLT). Make sure that you label everything appropriately. Coordinates: (45.25, 0.00) 6 90 70 Supply Demand 60 Equilibrium Price Ceiling Q-Supplied Q-Demanded 40 30 + C-Surplus 20 P-Surplus D-W-Loss 10 VLT Unselected M Snapping 80 Quantity of rice 10 20 30 40 60 70 90 100 Clear All Price of rice 11. Suppose the government of Haiti institutes a price ceiling of $35 on rice, a staple of the Haitian diet, and it rations the rice through the use of queues (waiting in line) Part 1: Use the infinite line tool to indicate a binding price ceiling (Price Ceiling). Part 2: Use vertical drop lines to indicate the quantity supplied (Q-Supplied) and the quantity demanded (Q-Demanded) at this price. Part 3: Use area tools to identify the consumer surplus (C-Surplus), producer surplus (P-Surplus), deadweight loss (D-W-Loss), and value of lost time (VLT). Make sure that you label everything appropriately. Coordinates: (45.25, 0.00) 6 90 70 Supply Demand 60 Equilibrium Price Ceiling Q-Supplied Q-Demanded 40 30 + C-Surplus 20 P-Surplus D-W-Loss 10 VLT Unselected M Snapping 80 Quantity of rice 10 20 30 40 60 70 90 100 Clear All Price of rice

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11 Graph The graph 1 shows the binding price ceili... View the full answer