The table shows the demand and supply schedules for mushrooms. Suppose that the government introduces a production quota for mushrooms and sets it at 2,250 pounds per week. What are the market price of mushrooms, the producer surplus, and the deadweight loss created? The market price of mushrooms is $ The producer surplus is $ >>> Answer to two decimal places. The deadweight loss is $ a pound. Price (dollars per pound) 0.75 1.50 2.25 3.00 3.75 4.50 Quantity demanded (pounds per week) 3,375 3,000 2,625 Quantity supplied 2,250 1,875 1,500 0 750 1,500 2,250 3,000 3,750

The table shows the demand and supply schedules for mushrooms. Suppose that the government introduces a production quota for mushrooms and sets it at 2,250 pounds per week. What are the market price of mushrooms, the producer surplus, and the deadweight loss created? The market price of mushrooms is $ The producer surplus is $ >>> Answer to two decimal places. The deadweight loss is $ a pound. Price (dollars per pound) 0.75 1.50 2.25 3.00 3.75 4.50 Quantity demanded (pounds per week) 3,375 3,000 2,625 Quantity supplied 2,250 1,875 1,500 0 750 1,500 2,250 3,000 3,750

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 6PA

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