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Study the graph below and complete the questions that follow:
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Question






Screenshot (19).png



1.1 In the above diagram, if the deadweight loss is zero, state the amount of output produced.

Suppose that government sets a quota at 10 units of output and the price therefore rises to $4.


1.2 Calculate by how much the consumer surplus would fall in comparison to a competitive

market.


1.3 Calculate by how much the producer surplus would fall in comparison to a competitive

market.

Screenshot (19).png
Study the graph below and complete the questions that follow: Price ldollats per unit} 0 l 0 20 30 40 50 60
Quantity [units]

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Subject: Business, Economics

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