# assume the following values for the diagrams below Q1= 20 bags. Q2=.pdf

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assume the following values for the diagrams below: Q1= 20 bags. Q2= 15 bags. Q3 = 27 bags. the market equilibrium price is \$45 per bag. The price at point a is \$85 per bag. The price at point c is \$5 per bag. The price at point d is \$55 per bag. The price at point e is \$35 per bag. The price at point f is \$59 per bag. The price at point g is \$31 per bag. Apply the formula for the area of a triangle (area= 1/2 * base * height) to answer the following questions. Price (per bag) Instructions: Round your answers to two decimal places. a. What is the dollar value of the total surplus (= producer surplus + consumer surplus) when the allocatively efficient output level is produced? \$ What is the dollar value of the consumer surplus at that output level? \$ b.What is the dollar value of the deadweight loss when output level Q2 is produced? \$ What is the total surplus when output level Q2 is produced? \$ c.What is the dollar value of the deadweight loss when output level Q3 is produced? \$ What is the dollar value of the total surplus when output level Q3 is produced? \$.

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### assume the following values for the diagrams below Q1= 20 bags. Q2=.pdf

• 1. assume the following values for the diagrams below: Q1= 20 bags. Q2= 15 bags. Q3 = 27 bags. the market equilibrium price is \$45 per bag. The price at point a is \$85 per bag. The price at point c is \$5 per bag. The price at point d is \$55 per bag. The price at point e is \$35 per bag. The price at point f is \$59 per bag. The price at point g is \$31 per bag. Apply the formula for the area of a triangle (area= 1/2 * base * height) to answer the following questions. Price (per bag) Instructions: Round your answers to two decimal places. a. What is the dollar value of the total surplus (= producer surplus + consumer surplus) when the allocatively efficient output level is produced? \$ What is the dollar value of the consumer surplus at that output level? \$ b.What is the dollar value of the deadweight loss when output level Q2 is produced? \$ What is the total surplus when output level Q2 is produced? \$ c.What is the dollar value of the deadweight loss when output level Q3 is produced? \$ What is the dollar value of the total surplus when output level Q3 is produced? \$
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