b 1) d Price P₁ ( D Q₁ Q₂ Quantity 3) If actual production and consumption occur at Q1 and the price is P2 a) deadweight loss equals area f. b) consumer surplus equals area a + b. c) producer surplus equals area c. d) producer surplus equals area c + b. If actual production and consumption occur at Q2 a) there is deadweight loss of f. b) economic surplus is below the maximum. c) consumer surplus and producer surplus is maximized. d) there is deadweight loss of d. If actual production and consumption occur at Q1 and the price is P1 deadweight loss equals area b. a) b) consumer surplus equals area a. c) consumer surplus equals area a + b. d) producer surplus equals area c + b. R? deadweight loss equals area 2)

b 1) d Price P₁ ( D Q₁ Q₂ Quantity 3) If actual production and consumption occur at Q1 and the price is P2 a) deadweight loss equals area f. b) consumer surplus equals area a + b. c) producer surplus equals area c. d) producer surplus equals area c + b. If actual production and consumption occur at Q2 a) there is deadweight loss of f. b) economic surplus is below the maximum. c) consumer surplus and producer surplus is maximized. d) there is deadweight loss of d. If actual production and consumption occur at Q1 and the price is P1 deadweight loss equals area b. a) b) consumer surplus equals area a. c) consumer surplus equals area a + b. d) producer surplus equals area c + b. R? deadweight loss equals area 2)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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