Can you please answer these questions? I recommend the typed question is answered over the picture senario 1, if you can only do one. Due to good weather, there is an increase in the demand for the...

Can you please answer these questions? I recommend the typed question is answered over the picture senario 1, if you can only do one.


Due to good weather, there is an increase in the demand for the good. The new demand equation is Qd = 190 – 2P. The government is trying to decide between two options:

Maintain the number of quotas and let the market adjust, or
Maintain the price support and increase the number of quotas.

Suppose that the government decides to maintain the number of quotas and let the market adjust. Calculate:
ii) the consumer surplus
iii) the producer surplus
iv) dead weight loss

HINT: Sketch the supply and demand equations.

Which of the two options would be preferred by the producers?

Which of the two options would be preferred by society as a whole?

Extracted text: Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity Scenario 1: Market for 21 ft Ladders $21-FOOT LADDER RENTALS BORDER FENCE OPEN Impact on demand Choose. Impact on supply Choose. Impact on price Choose. Impact on quantity Choose..