The graph below represents the market for flank steak in a specific town Calculate the value of consumer surplus 1) when the market price is allowed to prevail, and 2) when the town passes a law setting a price ceiling for flank steak of $13 per pound What is the value of the deadweight loss after the town passes that law Price (dollars per pound) $21 18 Supply 15 13 Demand 11 0 40 80 Quantity (pounds)Price ($ per pack) SA Tax $2 50 1 50 1 25 Demand 0 18 20 Quantity (billions of packs per year)

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Question: The graph below represents the market for flank steak in a specific town. Calculate the value of consumer surplus 1) when the market price is

The graph below represents the market for flank steak in a specific town. Calculate the value of consumer surplus 1) when the market price is allowed to prevail, and 2) when the town passes a law setting a price ceiling for flank steak of $13 per pound. What is the value of the deadweight loss after the town passes that law?

town. Calculate the value of consumer surplus 1) when the market price

Price (dollars per pound) $21 18 Supply 15 13 Demand 11 0 40 80 Quantity (pounds)Price ($ per pack) SA Tax $2.50 1.50 1.25 Demand 0 18 20 Quantity (billions of packs per year)

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