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Question 1
The graph below shows the supply and demand curves for beer.


Graphing window shows horizontal axis: 0 to 120, vertical axis: 0 to 12. Start Graph, Color red
xy
02
12.1
22.2
32.3
42.4
52.5
62.6
72.7
82.8
92.9
103
113.1
123.2
133.3
143.4
153.5
163.6
173.7
183.8
193.9
204
214.1
224.2
234.3
244.4
254.5
264.6
274.7
284.8
294.9
305
315.1
325.2
335.3
345.4
355.5
365.6
375.7
385.8
395.9
406
416.1
426.2
436.3
446.4
456.5
466.6
476.7
486.8
496.9
507
517.1
527.2
537.3
547.4
557.5
567.6
577.7
587.8
597.9
608
618.1
628.2
638.3
648.4
658.5
668.6
678.7
688.8
698.9
709
719.1
729.2
739.3
749.4
759.5
769.6
779.7
789.8
799.9
8010
8110.1
8210.2
8310.3
8410.4
8510.5
8610.6
8710.7
8810.8
8910.9
9011
9111.1
9211.2
9311.3
9411.4
9511.5
9611.6
9711.7
9811.8
9911.9
10012
10112.1
10212.2
10312.3
10412.4
10512.5
10612.6
10712.7
10812.8
10912.9
11013
11113.1
11213.2
11313.3
11413.4
11513.5
11613.6
11713.7
11813.8
11913.9
12014
Start Graph, Color blue
xy
012
111.9
211.8
311.7
411.6
511.5
611.4
711.3
811.2
911.1
1011
1110.9
1210.8
1310.7
1410.6
1510.5
1610.4
1710.3
1810.2
1910.1
2010
219.9
229.8
239.7
249.6
259.5
269.4
279.3
289.2
299.1
309
318.9
328.8
338.7
348.6
358.5
368.4
378.3
388.2
398.1
408
417.9
427.8
437.7
447.6
457.5
467.4
477.3
487.2
497.1
507
516.9
526.8
536.7
546.6
556.5
566.4
576.3
586.2
596.1
606
615.9
625.8
635.7
645.6
655.5
665.4
675.3
685.2
695.1
705
714.9
724.8
734.7
744.6
754.5
764.4
774.3
784.2
794.1
804
813.9
823.8
833.7
843.6
853.5
863.4
873.3
883.2
893.1
903
912.9
922.8
932.7
942.6
952.5
962.4
972.3
982.2
992.1
1002
1011.9
1021.8
1031.7
1041.6
1051.5
1061.4
1071.3
1081.2
1091.1
1101
1110.9
1120.8
1130.7
1140.6
1150.5
1160.4
1170.3
1180.2
1190.1
1200
Start Graph, Color black
xy
010
110
210
310
410
510
610
710
810
910
1010
1110
1210
1310
1410
1510
1610
1710
1810
1910
2010
2110
2210
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2510
2610
2710
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2910
3010
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4010
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7010
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8010
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11110
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12010
Label "Quantity of beer" at pixel coordinates (175,0).Label "Price of beer" at pixel coordinates (0,170).Label "Demand" at (1,12-0.1). Label "Supply" at (1,2+0.1). Label "Price Floor" at (1,10).

Consumer, producer and total surpluses with no government price controls:

What is the size of consumer surplus when there are no government price controls? $  
 



Hint

Question 2
What is the size of producer surplus when there is no government price control? $  
 



Hint



Question 3
What is the size of the social surplus when there is no government price control? $  
 

Hint



Question 4
What is the size of the deadweight loss when there is no government price control? $  
 

Hint



Question 5
Consumer, producer and total surpluse with a binding Price Floor: What is the size of the consumer surplus when a Price Floor of $10 is imposed? $  
 

Hint



Question 6
Consumer, producer and total surpluses with a binding Price Floor: What is the size of the producer surplus when a Price Floor of $10 is imposed? $  
 

Hint



Question 7
Consumer, producer and total surpluses with a binding Price Floor: What is the size of deadweight loss from a Price Floor of $10? $  
 

Hint



Question 8
Consumer, producer and total surpluses with a binding Price Floor: What is the size of the social surplus when a Price Floor of $10 is imposed? $  
 

Hint



Question 9
What is the difference between the total surplus before and after a price control is imposed? Consider how this number compares to the deadweight loss. $  
 

Hint