Plot the supply and demand functions on a sheet of graph paper. Suppose the government sets a price control for a pound of almonds at $14. On the graph, identify consumer surplus, producer surplus, and the deadweight loss.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Plot the supply and demand functions on a sheet of graph paper. Suppose the government sets a price control for a pound of almonds at $14. On the graph, identify consumer surplus, producer surplus, and the deadweight loss.

Price ($/pound)
13
14
15
16
17
18
Market for Almonds
Quantity Demanded
1600
1500
1400
1300
1200
1100
Quantity Supplied
1200
1300
1400
1500
1600
1700
Transcribed Image Text:Price ($/pound) 13 14 15 16 17 18 Market for Almonds Quantity Demanded 1600 1500 1400 1300 1200 1100 Quantity Supplied 1200 1300 1400 1500 1600 1700
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