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Question: ADVANCED ANALYSIS Given the following diagrams: Q_1 = 12 bags. Q_2 = 7 bags. Q_3 = 19 bags. The m…
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Show transcribed image text ADVANCED ANALYSIS Given the following diagrams: Q_1 = 12 bags. Q_2 = 7 bags. Q_3 = 19 bags. The market equilibrium price is $46 per bag. The price at point a is $70 per bag. The price at point c is $10 per bag. The price at point d is $56 per bag. The price at point e is $31 per bag. The price at point f is $67 per bag. The price at point g is $32 per bag. Apply the formula for the area of a triangle (Area = 1/2 x Base x Height) to answer the following questions. What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output level Q_1 is being produced? $ How large is the dollar value of the consumer surplus at the output level Q_1? $ What is the dollar value of the deadweight loss when output level Q_2 is being produced? $ What is the total surplus when output level Q_2 is being produced? $ What is the dollar value of the deadweight loss when output level Q_3 is produced? $ What is the dollar value of the to

ADVANCED ANALYSIS Given the following diagrams: Q_1 = 12 bags. Q_2 = 7 bags. Q_3 = 19 bags. The market equilibrium price is $46 per bag. The price at point a is $70 per bag. The price at point c is $10 per bag. The price at point d is $56 per bag. The price at point e is $31 per bag. The price at point f is $67 per bag. The price at point g is $32 per bag. Apply the formula for the area of a triangle (Area = 1/2 x Base x Height) to answer the following questions. What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output level Q_1 is being produced? $ How large is the dollar value of the consumer surplus at the output level Q_1? $ What is the dollar value of the deadweight loss when output level Q_2 is being produced? $ What is the total surplus when output level Q_2 is being produced? $ What is the dollar value of the deadweight loss when output level Q_3 is produced? $ What is the dollar value of the to

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