Hello everyone. Can you help me answer these questions to my assignment. I want to see if I am answering them correct:
- What is the size of consumer surplus when there is no government price control?
- What is the size of producer surplus when there is no government price control?
- What is the size of social surplus when there is no government price control? What is the size of deadweight loss when there is no government price control?
- What is the size of consumer surplus when Price Floor of $9 is imposed?
- What is the size of producer surplus when Price Floor of $9 is imposed?
- What is the size of deadweight loss from Price Floor of $9?
- What is the size of social surplus when Price Floor of $9 is imposed?
- What is the difference between total surplus before and after price control is imposed?
- How does this number compare to the DWL?