Help plz & graph 14 %5Click on the icon to read the news clip, then answer the followingquestions.50t8The graph shows the market for milk in Venezuela when a price control isin effect.Draw a shape that represents:1) consumer surplus. Label it CS.2) producer surplus. Label it PS.3) the deadweight loss. Label it DWL.Also draw a shape that show the resources lost from time spend in line.Label it Loss.Moving from a milk market with no price controls to a milk with pricecontrolsconsumer surplus andproducer surplus.OA. decreases; increasesOB. decreases; decreasesOC. increases; increasesOD. increases; decreasesIn the market for cheese,6OOll***yhMSelected:none&7UOj*8▸k(9OA60-50-4030-20-10+0✓Price (bolivars per gallon)40)0300200 300 400 500Quantity (gallons of milk)>>> Draw only the objects specified in the question.Delete Clear ?100PricecontrolрD600 700NextQQXxUS Click on the icon to read the news clip, then answer the followingquestions.Ju mastupe u TUIG TOTO un sponu G.Label it Loss.Moving from a milk market with no price controls to a milk with pricecontrolsconsumer surplus andproducer surplus.OA. decreases; increasesOB. decreases; decreasesOc. increases; increasesOD. increases; decreasesIn the market for cheese,OA. total surplus is maximized and no deadweight loss arisesOB. consumer surplus decreases and producer surplus decreasesOC. a deadweight loss arisesOD. the price is below the market equilibrium5tgO6yhSelected:none&7O*8kO6050-9DOO40+3020-10-400Price (bolivars per gallon)300200 300 400 500 600 700Quantity (gallons of milk)>>> Draw only the objects specified in the question.Z Delete Clear ?"1000р| 1PricecontrolD+NextA=xQQUS

Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Click on the icon to read the news clip, then answer the following questions. The graph shows the market for milk in Venezuela when a price control is in effect. *** Draw a shape that represents: 1) consumer surplus. Label it CS. 2) producer surplus. Label it PS. 3) the deadweight loss. Label it DWL. Also draw a shape that show the resources lost from time spend in line. Label it Loss. Moving from a milk market with no price controls to a milk with price consumer surplus and controls producer surplus. OA. decreases; increases OB. decreases; decreases OC. increases; increases D. increases; decreases In the market for cheese, 60- 50- 40- 30- 20+ 104 0 Price (bolivars per gallon) 40 $ 100 Price control D 300 200 300 400 500 Quantity (gallons of milk) >>> Draw only the objects specified in the question. 600 700

Click on the icon to read the news clip, then answer the following questions. The graph shows the market for milk in Venezuela when a price control is in effect. *** Draw a shape that represents: 1) consumer surplus. Label it CS. 2) producer surplus. Label it PS. 3) the deadweight loss. Label it DWL. Also draw a shape that show the resources lost from time spend in line. Label it Loss. Moving from a milk market with no price controls to a milk with price consumer surplus and controls producer surplus. OA. decreases; increases OB. decreases; decreases OC. increases; increases D. increases; decreases In the market for cheese, 60- 50- 40- 30- 20+ 104 0 Price (bolivars per gallon) 40 $ 100 Price control D 300 200 300 400 500 Quantity (gallons of milk) >>> Draw only the objects specified in the question. 600 700

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 9PA

See similar textbooks

Similar questions

The many identical residents of Whoville love drinking Zlurp. Each resident has the following willingness to pay for the tasty refreshment: a. The cost of producing Zlurp is 150, and the competitive suppliers sell it at this price. (The supply curve is horizontal.) How many bottles will each Whovillian consume? What is each persons consumer surplus? b. Producing Zlurp creates pollution. Each bottle has an external cost of 1. Taking this additional cost into account, what is total surplus per person in the allocation you described in part (a)? c. Cindy Lou Who, one of the residents of Whoville, decides on her own to reduce her consumption of Zlurp by one bottle. What happens to Cindys welfare (her consumer surplus minus the cost of pollution she experiences)? How does Cindys decision affect total surplus in Whoville? d. MayorCrinch imposes a 1 tax on Zlurp. What is consumption per person now? Calculate consumer surplus, the external cost, government revenue, and total surplus per person. e. Based on your calculations, would you support the mayors policy? Why or why not?
Table 1Buyer Willingness To PayLori $50.00Audrey $30.00Zach $20.00Calvin $10.002. Refer to Table 1. If the price of the product is $15, then who would be willing to purchase theproduct?a. Lorib. Lori and Audreyc. Lori, Audrey, and Zachd. Lori, Audrey, Zach, and Calvin3. Refer to Table 1. If price of the product is $30, then the total consumer surplus isa. $-10.b. $-6.c. $20.d. $30.
There are four consumers willing to pay thefollowing amounts for haircuts:Gloria: $35 Jay: $10 Claire: $40 Phil: $25There are four haircutting businesses with the following costs:Firm A: $15 Firm B: $30 Firm C: $20 Firm D: $10Each firm can give at most one haircut. To achieveefficiency, how many haircuts should be given?Which businesses should cut hair and whichconsumers should have their hair cut? How largeis the maximum possible total surplus?
Your grandmother likes old-fashioned yard salesand doesn’t understand why everyone is so excitedabout eBay. Explain to her why the creation of amarket that enables people who don’t live in thesame town to buy and sell used goods increasestotal surplus over the yard-sale market.
Greebies cost $50, and then the government puts a $10 sales tax on Greebies. (This means the tax is on the buyers). What is most likely to be the new price buyers pay? a. $40 b. All of these are equally likely to be the new price buyers pay c. $60 d. $70 e. $50 f. $55 Only Typing answer I need ASAP