Please answer the above mentioned question properly and provide an explanation if possible. Thank you very much.

Instructions:Round your answers to 1 decimal place.

a. What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output level Q1 is being produced?

EXAM 1_CH 1-5 i Saved 17 ADVANCED ANALYSIS Given the following diagrams: Q1 = 12 bags. Q2 = 7 bags. Q3 = 19 bags. The market equilibrium bag. The price at point a is $70 per bag. The price at point c is $10 per bag. The price at point d is $49 per bag. The pri $24 per bag. The price at point fis $48 per bag. The price at point g is $13 per bag. Apply the formula for the area of a 1/2 x Base x Height) to answer the following questions. 0.8 points (a) (b) 01:13:35 Efficiency loss from underproduction Efficiency loss Price (per bag) S d b Price (per bag) b e D C C