X Text Exercise 4.3 Question Help The U.S. National Park Service wants to restrict the number of visitors to Yosemite National Park to L * , which is fewer than the current volume. It considers two policies: (1) raising the price of admissions and (2) setting a quota that limits the number of visits by in-state residents. S Compare the effects of these two policies on consumer surplus and welfare. Use a graph to show which policy is superior by your criterion. 10 Assume the figure at right illustrates the market for visits to Yosemite National Park, where the price floor is p and the quota is L *. The market is initially at an equilibrium at e1- First, show the effect of the price floor on consumer surplus and welfare. e 1.) Using the point drawing tool, indicate the price consumers pay and the quantity they consume. Label this point 'e2. p, $ per visit 2.) Using the rectangle drawing tool and the triangle drawing tool each once, shade in the change in consumer surplus as a result of the price floor. Attach the appropriate provided labels (CS Rectangle . Triangle . "Rectangle , or CS Triangle ). D 3.) Using the triangle drawing tool, shade in deadweight loss (DWL) or new surplus (NS) from 1 * Q1 the price floor. Q, Visits Attach the appropriate provided labels, where "+ " indicates a positive change and " -" indicates a negative change. Carefully follow the instructions above and only draw the required objects