Module 49 worksheet 49:6 Consumer & Producer Surplus Review

Worksheet 49.6: Consumer and Producer Surplus Review Answer these questions after watching this video titled \"Micro 2.7 Consumer and Producer Surplus and Dead Weight Loss\" by Jacob Clifford found at: https:f/www .xoutubecomf watch ?v=4GVD94OUMwA 1. Why would government step in to set a price ceiling? 2. With an effective price ceiling, what is the effect on quantity supplied? 3. What is the amount called that neither consumers buy nor producers sell at the equilibrium price? 4. Graphically show a consumer and producer surplus with a market in equilibrium. 5. Show on a new graph what happens in the market when the government sets a price ceiling. Explain how the consumer and producer surpluses change. Outline the area of deadweight loss