58. (Figure 3.21) Refer to Figure 3.21 to answer the following questions: a. What is the...
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58. (Figure 3.21) Refer to Figure 3.21 to answer the following questions: a. What is the area of consumer surplus before the price decrease? b. What is the area of producer surplus before the price decrease? C. What is the area of consumer surplus after the price decrease? d. What is the area of producer surplus after the price decrease? e. What is the area of the deadweight loss after the price decrease? (Simply write "A" or "A+3" or "A+3+C" as the answers for the above questions. Write "None" when there is no answer for a question) Price (S'pair of socks) S10- 8- 6- 4- Quantity 10 (number of socks/day) 58. (Figure 3.21) Refer to Figure 3.21 to answer the following questions: a. What is the area of consumer surplus before the price decrease? b. What is the area of producer surplus before the price decrease? C. What is the area of consumer surplus after the price decrease? d. What is the area of producer surplus after the price decrease? e. What is the area of the deadweight loss after the price decrease? (Simply write "A" or "A+3" or "A+3+C" as the answers for the above questions. Write "None" when there is no answer for a question) Price (S'pair of socks) S10- 8- 6- 4- Quantity 10 (number of socks/day)
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a Consumer surplus is the area above the priceline and below the dem... View the full answer
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