I am trying to do my homework problem for econ 101 to find the increase in total consumer surplus and producer surplus and the increase in total surplus. May you please give answers to this problem even though I feel like I am doing everything right? I am attaching the problem that I have gotten wrong that I am doing on achieve. Ⓒ 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: $Increase in producer surplus: $c. How much does this new technology increase producersurplus?IncorrectIncrease in total surplus: $10501050Incorrectd. How much does this new technology increase total (orsocial) surplus?2100Incorrect3002702402101801501209060300010Market for Violins20 30 40 50 60 70Quantity of violins (in thousands)$D80 90100

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Answered: The accompanying diagram represents the…

Principles of Macroeconomics (MindTap Course List)

7th Edition

ISBN:9781285165912

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 7PA

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I am trying to do my homework problem for econ 101 to find the increase in total consumer surplus and producer surplus and the increase in total surplus. May you please give answers to this problem even though I feel like I am doing everything right? I am attaching the problem that I have gotten wrong that I am doing on achieve.

Ⓒ 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: $
Increase in producer surplus: $
c. How much does this new technology increase producer
surplus?
Incorrect
Increase in total surplus: $
1050
1050
Incorrect
d. How much does this new technology increase total (or
social) surplus?
2100
Incorrect
300
270
240
210
180
150
120
90
60
30
0
0
10
Market for Violins
20 30 40 50 60 70
Quantity of violins (in thousands)
$
D
80 90
100

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