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Question 1

The graph below shows the supply and demand curves for soda.

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

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

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

`$`

 

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

`$`

 

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

`$`

 

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?

`$`

 

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?

`$`

 

Consumer, producer and total surpluses with a binding Price Floor:

What is the size of deadweight loss from a Price Floor of `$7`?

`$`

 

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?

`$`

 

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.

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