To calculate consumer surplus or producer surplus use the formula: Surplus =xBasexHeight 1. Using the graph...

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To calculate consumer surplus or producer surplus use the formula: Surplus =xBasexHeight 1. Using the graph below, a. b. (3 points) Drag and drop the dashed price line from the right onto the graph. Calculate the value of consumer surplus. C. Calculate the value of this producer surplus. Price ($) 14 12 10 6 4 2 S D I 1 2 3 4 5 6 7 8 9 10 11 12 2. Quantity (000s) Using the same graph (below), assume tastes and preferences change against this product so that the demand curve shifts to the left by 2,000 units at each price (a parallel shift). (4 points) a. Drag and drop the new demand curve from the right onto the diagram. b. What is the new equilibrium price? b. Calculate the new consumer surplus. Calculate the new producer surplus. Price ($) 5% 3 S 1 2 3 5 2 Quantity (000s) S D 20 2 12 1 To calculate consumer surplus or producer surplus use the formula: Surplus =xBasexHeight 1. Using the graph below, a. b. (3 points) Drag and drop the dashed price line from the right onto the graph. Calculate the value of consumer surplus. C. Calculate the value of this producer surplus. Price ($) 14 12 10 6 4 2 S D I 1 2 3 4 5 6 7 8 9 10 11 12 2. Quantity (000s) Using the same graph (below), assume tastes and preferences change against this product so that the demand curve shifts to the left by 2,000 units at each price (a parallel shift). (4 points) a. Drag and drop the new demand curve from the right onto the diagram. b. What is the new equilibrium price? b. Calculate the new consumer surplus. Calculate the new producer surplus. Price ($) 5% 3 S 1 2 3 5 2 Quantity (000s) S D 20 2 12 1