Hello, I am trying to do the homework question for my econ 101, may you please walk me through the explanation of the answers for all of the parts which include parts a,b,c, and d as I have tried to attempt it on my own but I can't understand the solutions for each part and I can't find the increases for the consumer surplus, producer surplus, and total (social) surplus. The original question is attached below, may you please provide me a step-by-step explanation for each part's a-d as well as the shift that would occur on the graph in regards to the supply and demand. Macmillan LearningThe accompanying diagram represents the market for violins.Suppose that a new technology allows beginner-level violinproducers to make violins at a substantially lower (marginal)cost while retaining the same quality.a. Use the graph to illustrate the effect that this will have onthe supply and demand of beginner-level violins and thenanswer the following three questions.b. How much does this new technology increase consumersurplus?Increase in consumer surplus: $c. How much does this new technology increase producersurplus?Increase in producer surplus: $d. How much does this new technology increase total (orsocial) surplus?Increase in total surplus: $300270240210180150120906030010Market for Violins20 30 40 50 6070Quantity of violins (in thousands)$D80 90 100

An economic model called supply and demand is used to calculate market prices. It is predicated on…

Answered: Macmillan Learning The accompanying…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 4PA

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Hello, I am trying to do the homework question for my econ 101, may you please walk me through the explanation of the answers for all of the parts which include parts a,b,c, and d as I have tried to attempt it on my own but I can't understand the solutions for each part and I can't find the increases for the consumer surplus, producer surplus, and total (social) surplus. The original question is attached below, may you please provide me a step-by-step explanation for each part's a-d as well as the shift that would occur on the graph in regards to the supply and demand.

Macmillan Learning
The accompanying diagram represents the market for violins.
Suppose that a new technology allows beginner-level violin
producers to make violins at a substantially lower (marginal)
cost while retaining the same quality.
a. Use the graph to illustrate the effect that this will have on
the supply and demand of beginner-level violins and then
answer the following three questions.
b. How much does this new technology increase consumer
surplus?
Increase in consumer surplus: $
c. How much does this new technology increase producer
surplus?
Increase in producer surplus: $
d. How much does this new technology increase total (or
social) surplus?
Increase in total surplus: $
300
270
240
210
180
150
120
90
60
30
0
10
Market for Violins
20 30 40 50 60
70
Quantity of violins (in thousands)
$
D
80 90 100

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