The graph below shows the supply and demand curves for burritos.
Graphing window shows horizontal axis: 0 to 120, vertical axis: 0 to 12. Start Graph, Color red
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4
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4.1
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4.2
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4.3
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5.1
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5.3
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5.6
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6.1
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6.2
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6.3
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6.4
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6.5
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6.7
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6.8
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6.9
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7
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7.1
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7.2
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7.3
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7.4
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7.6
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7.9
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8.1
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8.2
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9.1
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9.2
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9.3
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9.7
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9.9
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10.1
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10.2
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10.3
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10.4
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10.5
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10.6
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10.7
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10.9
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11
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11.1
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11.2
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11.3
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11.4
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11.5
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11.6
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11.7
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11.8
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11.9
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12
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12.1
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12.2
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12.3
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12.4
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12.5
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12.6
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12.7
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12.8
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12.9
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13
91
13.1
92
13.2
93
13.3
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13.4
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13.5
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13.6
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13.7
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13.8
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13.9
100
14
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14.1
102
14.2
103
14.3
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14.4
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14.5
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14.6
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14.7
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14.8
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14.9
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15
111
15.1
112
15.2
113
15.3
114
15.4
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15.5
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15.6
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15.7
118
15.8
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15.9
120
16
Start Graph, Color blue
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8
1
7.9
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7.8
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7.7
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7.6
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7.5
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7.4
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7.3
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7.2
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7.1
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7
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6.9
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6.8
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6.7
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6.6
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6.5
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6.4
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6.3
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6.2
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6.1
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6
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5.9
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5.8
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5.7
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5.6
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5.5
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5.4
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5.3
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5.2
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5.1
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5
31
4.9
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4.8
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4.7
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4.6
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4.5
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4.4
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4.3
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4.2
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4.1
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4
41
3.9
42
3.8
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3.7
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3.6
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3.5
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3.4
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3.3
48
3.2
49
3.1
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3
51
2.9
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2.8
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2.7
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2.6
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2.5
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2.4
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2.3
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2.2
59
2.1
60
2
61
1.9
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1.8
63
1.7
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1.6
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1.5
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1.4
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1.3
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1.2
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1.1
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1
71
0.9
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0.8
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0.7
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0.6
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0.5
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0.4
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0.3
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0.2
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0.1
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0
81
-0.1
82
-0.2
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-0.3
84
-0.4
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-0.5
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-0.6
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-0.7
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-0.8
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-0.9
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-1
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-1.1
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-1.2
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-1.3
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-1.4
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-1.5
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-1.6
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-1.7
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-1.8
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-1.9
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-2
101
-2.1
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-2.2
103
-2.3
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-2.4
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-2.5
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-2.6
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-2.7
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-2.8
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-2.9
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-3
111
-3.1
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-3.2
113
-3.3
114
-3.4
115
-3.5
116
-3.6
117
-3.7
118
-3.8
119
-3.9
120
-4
Start Graph, Color black
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120
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Label "Quantity of burritos" at pixel coordinates (175,0).Label "Price of burritos" at pixel coordinates (0,170).Label "Demand" at (1,8-0.1). Label "Supply" at (1,4+0.1). Label "Price Floor" at (1,7).
Consumer, producer and total surpluses with no government price controls:
What is the size of consumer surplus when there are no government price controls?
`$`
`20`
Consumer surplus is the area above the price that consumers pay and below the demand curve. Producer Surplus is the area below the price producers receive and above the supply curve.
What is the size of producer surplus when there is no government price control?
`$`
`20`
Consumer surplus is the area above the price that consumers pay and below the demand curve. Producer Surplus is the area below the price producers receive and above the supply curve.
What is the size of the social surplus when there is no government price control?
`$`
`40`
Consumer surplus is the area above the price that consumers pay and below the demand curve. Producer Surplus is the area below the price producers receive and above the supply curve.
What is the size of the deadweight loss when there is no government price control?
`$`
`0`
Consumer surplus is the area above the price that consumers pay and below the demand curve. Producer Surplus is the area below the price producers receive and above the supply curve.
Consumer, producer and total surpluse with a binding Price Floor:
What is the size of the consumer surplus when a Price Floor of $7 is imposed?
`$`
`5`
Consumer surplus is the area above the price that consumers pay and below the demand curve. Producer Surplus is the area below the price producers receive and above the supply curve.
Consumer, producer and total surpluses with a binding Price Floor:
What is the size of the producer surplus when a Price Floor of `$7` is imposed?
`$`
`25`
Consumer surplus is the area above the price that consumers pay and below the demand curve. Producer Surplus is the area below the price producers receive and above the supply curve.
Consumer, producer and total surpluses with a binding Price Floor:
What is the size of deadweight loss from a Price Floor of `$7`?
`$`
`10`
Consumer surplus is the area above the price that consumers pay and below the demand curve. Producer Surplus is the area below the price producers receive and above the supply curve.
Consumer, producer and total surpluses with a binding Price Floor:
What is the size of the social surplus when a Price Floor of `$7` is imposed?
`$`
`30`
Consumer surplus is the area above the price that consumers pay and below the demand curve. Producer Surplus is the area below the price producers receive and above the supply curve.
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.
`$`
`10`
Consumer surplus is the area above the price that consumers pay and below the demand curve. Producer Surplus is the area below the price producers receive and above the supply curve.
Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity
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