(2 points) The graph below describes the effects of an increase in the average consumer income in the market for a normal good. D, is the demand before the increase in income and D, is the demand after the increase. Please use the labeled areas in the graph to answer the following questions. P2 P1 E D2 D1 Q1 Q2 Q (0.5 points) What is the consumer and producer surplus before the increase in consumer income? a. b. (0.5 points) What is the change in consumer surplus and the change in producer surplus after the change in income? C. (0.5 points) Has total welfare increased or decreased? What is the change in total welfare?

9. Total net benefit On the following graph, use the black point (cross symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Hint: Clicking a shaded area, after plotting it on the graph, will show you the total area of the shaded region. ? PRICE (Dollars per phone) 100 90 80 70 60 50 40 20 10 0 The Supply and Demand for Smartphones Demand 0 Supply 40 80 240 120 160 200 QUANTITY (Phones) 280 3:20 Total net benefit (or total surplus) in this market is S 360 400 + Equilibrium A Consumer Surplus Producer Surplus   Note:-  Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.

3) Suppose that the demand is described by the following function: P=397-2Q. Supply is described by P=100+0.7Q. The graphs of demand and supply are represented below 450 400 350 300 250 200 150 100 50 0 0 50 100 150 b. The equilibrium price equals space below. 200 a. On the graph above, label the axes and the lines that represent demand and supply. Show your calculations in the empty C. Calculate the consumer surplus and show your calculations below (2) Suppose that the government imposes per-unit tax of $30 per each unit sold. As a result, the consumer retail price for the product increases to $200. d. What is the quantity of product sold after the tax is imposed? Q = e. The price received by the suppliers after the tax is imposed is f. Has the consumer surplus changed after the tax is imposed? If yes, then how did it change (increased or decreased)? Shade the area that represents the consumer surplus after the tax is imposed, on the graph (1) g. The deadweight loss to the economy…

8. U.S. government price supports for milk led to an unceasing surplus of milk. In an effort to reduce the surplus about a decade ago, Congress offered to pay dairy farmers to slaughter cows. Use two graphs, one for the milk market and one for the meat market, to illustrate how this policy should have affected the price of meat. (Assume that meat is sold in an unregulated market.) Be sure to draw the inverse demand and supply curves and label your axes. Explain clearly.