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es > Problem Set 3 The accompanying diagram represents the market for violins. Market for Violins Suppose that a new technology allows beginner-level 300 violin producers to make violins at a substantially lower 270 (marginal) cost while retaining the same quality. 240 a. Use the graph to illustrate the effect that this will have 210 on the supply and demand of beginner-level violins and then answer the following three questions. 180 b. How much does this new technology increase consumer 150 surplus? 120 Increase in consumer surplus: $ 60 30 c. How much does this new technology increase producer 10 20 30 40 50 60 70 80 90 100 Quantity of violins (in thousands) surplus? Increase in producer surplus: $ d. How much does this new technology increase total (or social) surplus? Increase in total surplus: $