) The following table displays the marginal costs (MC) of Les, the sole producer in the market, and the marginal benefits (MB) of Eddie, the sole consumer in the market: Quantity of Guitars MC of Les MB of Eddie 1 800 2700 2 1000 2200 3 1200 1800 4 1500 1500 5 1800 1200 6 2200 1000 7 2700 800 Assume now that Leo, the minister of guitars, sets a price floor at $1800. What is the market deadweight loss? $ __________

) The following table displays the marginal costs (MC) of Les, the sole producer in the market, and the marginal benefits (MB) of Eddie, the sole consumer in the market: Quantity of Guitars MC of Les MB of Eddie 1 800 2700 2 1000 2200 3 1200 1800 4 1500 1500 5 1800 1200 6 2200 1000 7 2700 800 Assume now that Leo, the minister of guitars, sets a price floor at $1800. What is the market deadweight loss? $ __________

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter14: Monopoly

Section: Chapter Questions

Problem 14.13P

See similar textbooks

Quantity of Guitars	MC of Les	MB of Eddie
1	800	2700
2	1000	2200
3	1200	1800
4	1500	1500
5	1800	1200
6	2200	1000
7	2700	800

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