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3.5 Consumer, Producer Surpluses and Deadweight Loss

Last updated almost 3 years ago

4 questions

1

1

1

1

Question 4

4.

Question 1

1.

Draw a supply and demand curve; color in consumer and producer surpluses.

Question 2

2.

Quickly redraw the above but now with dead weight loss due to a price ceiling.

Question 3

3.

Quickly redraw the above but now with dead weight loss due to a price floor.

What is deadweight loss (DWL) and why do economists care?