Click on the icon to read the news clip, then answer the following questions.wwwThe 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 itLoss.Moving from a milk market with no price controls to a milk with price controlsconsumer surplus andproducer surplus.OA. increases; decreasesOB. decreases; increasesOc. increases; increasesOD. decreases; decreasesIn the market for cheese,OA. the price is below the market equilibrium9O60-50-40-30-20-Price (bolivars per gallon)10+040$100Pricecontrol300200 300 400 500 600 700Quantity (gallons of milk)>>> Draw only the objects specified in the question.DNext Click on the icon to read the news clip, then answer the following questions.v/vvyin VVU. LUNDERTAlso draw a shape that show the resources lost from time spend in line. Label itLoss.Moving from a milk market with no price controls to a milk with price controlsconsumer surplus andproducer surplus.A. increases; decreasesOB. decreases; increasesO c. increases; increasesOD. decreases; decreasesIn the market for cheese,OA. the price is below the market equilibriumOB. total surplus is maximized and no deadweight loss arisesOC. a deadweight loss arisesOD. consumer surplus decreases and producer surplus decreases

Price control is a government-imposed economic strategy that establishes minimum price or price…

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 controls consumer surplus and producer surplus. O A. increases; decreases OB. decreases; increases Oc. increases; increases OD. decreases; decreases In the market for cheese, OA. the price is below the market equilibrium 60- 50- 40- 30- 20- 10 Price (bolivars per gallon) 0 40 $ 100 2 Price contral 300 200 300 400 500 600 700 Quantity (gallons of milk) >>> Draw only the objects specified in the question. D SOU

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 controls consumer surplus and producer surplus. O A. increases; decreases OB. decreases; increases Oc. increases; increases OD. decreases; decreases In the market for cheese, OA. the price is below the market equilibrium 60- 50- 40- 30- 20- 10 Price (bolivars per gallon) 0 40 $ 100 2 Price contral 300 200 300 400 500 600 700 Quantity (gallons of milk) >>> Draw only the objects specified in the question. D SOU

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 6PA

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In addition to the image calculate the following: I) The consumer surplus ii) The producer surplus iii) the deadweight loss
Draw the graph. Highlight consumer surplus, producer surplus, and deadweight loss.
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a. Tattoo artists are required to be licensed. Use a graph to show how a licensing requirement impacts the market for tattoo artists. Show the market equilibrium if there are no license requirements and also show the market equilibrium with license requirements. What happens to consumer surplus, producer surplus, and deadweight loss when licenses are required? b. Explain who wins and who loses from licensing regulation? Who pays for the licensing? Explain briefly. c. Use a graph of the tattoo market to show this positive effect. Show the market equilibrium on your graph and explain how this market equilibrium compares to the market equilibrium in which this benefit is not taken into account. e. Does licensing perform a better job of solving the asymmetric information problem than yelp or google reviews? i.e. does licensing provide a better signal of quality compared to other signals of quality such as online reviews? Explain why or why not.
Need help with this question, remember its all part of the same question. Please show me how to do the graphs and where to put the colors for each person. Possible answers to the empty spots: 1. Based on the information on the previous graph, you can tell that___________(Choose one of the following: 1,2,3,4 or 5 sellers) will sell digital cameras at the given market price, and total producer surplus in this market will be_______$ 2. Based on the information in the second graph, when the market price of a digital camera increases to $275, the number of sellers willing to sell a digital camera___________(Choose one of the following: increases or decreases) to__________(Choose one of the following: 1,2,3,4 or 5 sellers), and total producer surplus________(Choose one of the following: increases or decreases) to_______$ .
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I need help solving this problem please? Calculate The consumer surplus The producer surplus Deadweight loss