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Use the figure to complete the following table Before Rent After Rent Surplus Control Control Change Consumer surplus Producer surplus Social surplus

Price 400 60 1 00 Quantity a. Use the figure to complete the following table. Before Rent After Rent Surplus Control Control Change Consumer surplus Producer surplus Social surplus b. Use your answers to part (a) of this problem to answer the following questions. i. Did consumer surplus definitely rise, definitely re- main constant, or definitely fall, or is the direction of the change in consumer surplus unclear? ii. Did producer surplus definitely rise, definitely re- main constant, or definitely fall, or is the direction of the change in producer surplus unclear? iii. Did social surplus definitely rise, definitely remain constant, or definitely fall, or is the direction of the change in social surplus unclear?

Feb 01 2020 View more View Less

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