Question 4, 5, 6, 7, 8. Total 5 questions, please answer all of them and explain clearly. Please find the attachment. (The answers I chose may not be correct, there might be more than 1 answers, etc).

Question 4 (2 points) Assume all beer is identical. In 2017, the minimum price of beer in Ontario was $1.25 per bottle. In 2018, Doug Ford's election campaign promised "buck-a-beer", which reduced the minimum price to $1.00 per bottle. Doug Ford was elected and the buck-a-beer policy was implemented in 2018. Supply and demand for beer in Ontario are represented by the curves in the image. The curves did not change as a result of the policy. 34 2.75-40 Price -2-25 2 -1-75 -1-5- -1-25 1- -0:75 0.55 -0:5- 0.625 500 1000 1500 2000 -ol25 1200 -Quantity-(bottles) 0!5 a) What was consumer surplus before the policy change? (2 points) 625 2812.50In 2017, the minimum price of beer in Ontario was $1.25 per bottle. In 2018, Doug Ford's election campaign promised "buck-a-beer", which reduced the minimum price to $1.00 per bottle. Doug Ford was elected and the buck-a-beer policy was implemented in 2018. Supply and demand for beer in Ontario are represented by the curves in the image. The curves did not change as a result of the policy. 34 2.75- ce( Pri -2-25. -2 -1-75- -1:5- -1-25 1- 0-75 0.55 -0:5- - 0.625 0 500 1000 1500 2008 -0.25 1200 Quantity-(bottles) 0!5 a) What was consumer surplus before the policy change? (2 points) 625 2812.50 1406.25 900Question 5 (2 points) Saved Assume all beer is identical. In 2017, the minimum price of beer in Ontario was $1.25 per bottle. In 2018, Doug Ford's election campaign promised "buck-a-beer", which reduced the minimum price to $1.00 per bottle. Doug Ford was elected and the buck-a-beer policy was implemented in 2018. Supply and demand for beer in Ontario are represented by the curves in the image. The curves did not change as a result of the policy. 34 -2.75 Price ($) -2-25- 2 -1-75 -1-5- -1-25 0:75- 0.55 -0:5 ---- - - - 0.625 500 1000 1500 2006 -0.25 1200 -Quantity-(bottles) -0!5 b) What was producer surplus before the policy change? (2 points) 281.25 180 720In 2017, the minimum price of beer in Ontario was $1.25 per bottle. In 2018, Doug Ford's election campaign promised "buck-a-beer", which reduced the minimum price to $1.00 per bottle. Doug Ford was elected and the buck-a-beer policy was implemented in 2018. Supply and demand for beer in Ontario are represented by the curves in the image. The curves did not change as a result of the policy. 34 2-7 Price ($) 2-25 2 1-75 -1-5- -1-25 1- 0-75 ---- 0.625 0.55 -0:5- 0 500 1000 1500 2006 -0.25 1200 Quantity-(bottles) -0!5 b) What was producer surplus before the policy change? (2 points) 281.25 O 180 720 875Question 6 (2 points) Saved Assume all beer is identical. In 2017, the minimum price of beer in Ontario was $1.25 per bottle. In 2018, Doug Ford's election campaign promised "buck-a-beer", which reduced the minimum price to $1.00 per bottle. Doug Ford was elected and the buck-a-beer policy was implemented in 2018. Supply and demand for beer in Ontario are represented by the curves in the image. The curves did not change as a result of the policy. 34 2.75-40 Price -2-25 2 -1-75 -1-5- -1-25 1- 0:75 0.55 -0:5- ---- - - 0.625 O 500 1000 1500 2006 -0/25 1200 Quantity (bottles) -0!5 c) What was consumer surplus after the policy change? (2 points) 1406.25 625 900In ZU1 /, the minimum price of Deer in Ontario was p1.25 per Dottie. In 2018, Doug Ford's election campaign promised "buck-a-beer", which reduced the minimum price to $1.00 per bottle. Doug Ford was elected and the buck-a-beer policy was implemented in 2018. Supply and demand for beer in Ontario are represented by the curves in the image. The curves did not change as a result of the policy. 34 Price ($) -2-25 2 -1-75- -1-5 -1-25 1- 0-75 ----- 0.625 0.55 -0:5- 500 1000 1500 2006 -0.25 1200 Quantity-(bottles) -0!5 c) What was consumer surplus after the policy change? (2 points) 1406.25 625 900 2812.50Question 7 (2 points) Saved Assume all beer is identical. In 2017, the minimum price of beer in Ontario was $1.25 per bottle. In 2018, Doug Ford's election campaign promised "buck-a-beer", which reduced the minimum price to $1.00 per bottle. Doug Ford was elected and the buck-a-beer policy was implemented in 2018. Supply and demand for beer in Ontario are represented by the curves in the image. The curves did not change as a result of the policy. 34 -2-25 2- 1-75 -1-5- -1-25 1- -0:75- 0.55 -0:5- ---- 0.625 0 500 1000 1500 2008 -0.25 1200 -Quantity-(bottles) -0!5 d) What was producer surplus after the policy change? (2 points) O 875 281.25 180in ZU1/, the minimum price of beer in Ontario was $1.25 per bottle. In 2018, Doug Ford's election campaign promised "buck-a-beer", which reduced the minimum price to $1.00 per bottle. Doug Ford was elected and the buck-a-beer policy was implemented in 2018. Supply and demand for beer in Ontario are represented by the curves in the image. The curves did not change as a result of the policy. 34 2.75-40 -2-25 2- -1-75 -1-5 -1-25 1- 0:75 0.55 -0:5- --- - - - 0.625 O 500 1000 1500 2008 -0.25 1200 Quantity-(bottles) 0!5 d) What was producer surplus after the policy change? (2 points) 875 281.25 O 180 O 720Question 8 (2 points} J Eaved Which of the following statements are always true when a minimum price is reduced to a lower minimum price? [Assume both minimum prices are above the equilibrium price} [2 points, 0.5 per correct selection} C] Producer surplus decreases C] Consumer surplus increases Total surplus increases C] Deadweight loss increases