Looking to get my work proofed, please let me know if anything is incorrect. Tha

Question

Looking to get my work proofed, please let me know if anything is incorrect. Thanks in advance!

WCTC Micro Economics Learning Activitv Unit 2 Market Efficiency and Elasticit . Develop analytic skills central to economic thinking. . Apply supply and demand analysis to price determination. Integrate economic models with real world applications. A. Complete the demand schedule and the supply schedule and draw the corresponding combined graph for hamburgers. Demand Schedule Supply Schedule Price Price uantity Demanded 70 60 50 40 30 uantity Supplied S2 S3 $4 S5 S6 S7 S2 S3 S4 $5 S6 $7 20 40 50 60 10 Price 4 0 1 2 3 4 5 6 7 8 9 Quantity 1. At the equilibrium price of 4the consumer surplus is $80the producer surplus is S 80 and the economic surplus is $_160 Fill in the following with either ‘increase, or 'Decrease 2. If Demand increases the equilibrium price will increase and producer surplus will increase 3. If Supply increases the equilibrium price will decrease and consumer surplus willincrease

Explanation / Answer

Part 4 in B

If quota limit is decreased, you can buy less of good now. This leads to increase in deadweight loss

In C. Consumer surplus= sum of area of triangle and rectangle

= 0.5(8-6)20 + (6-2)20= 100

Producer surplus = 0.5(2-0)20= 20

Deadweight loss = 0.5(4-2)(6-2)= 40

As the price ceiling is lowered deadweight loss increases as less quantity will be sold at lower price.

I have checked it till part C.

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