Consider the national market for in-home childcare, depicted in the accompanying graph.
At 8 million hours, what is the size of the total economic surplus in this market? Place the shape on the graph to label total economic surplus in this market at 8 million hours, and calculate the value of the economic surplus.
A. Economic surplus at 8 million hours: $_______ million.
Now, suppose that the actual quantity of childcare hours in the market is 4 million. Place points A and B on the graph to label the actual hours, and calculate the new value of the economic surplus in the market at 4 million hours.
B. Economic surplus at 4 million hours: $_____ million
THE PHOTOS SHOWS THE GRAPH (1st is without any changes, 2nd is in the correct way)
PRIMARY, I JUST NEED TO KNOW HOW TO CALCULATE THE ECONOMIC SURPLUS (A and B)
Extracted text: A Macmillan Learning Achieve A Macmillan Learning Achieve b Answered: O Stevenson_Wolfers_ x -> A achieve.macmillanlearning.com/courses/debef54e-470a-4a08-a269-afbcb8555c0f/4/ktqxys/tools/assessment/items/40bf682f-7a9e-49. Q E Apps НСС Social O Stores Assessment Due: Thu, Mar 26 O Assignment Score: 3.5% O Hint Try Again Question 1 of 17 Question 28 Economic surplu... 26 A Deadweight loss 24 22 20 Supply 18 5 16 A 14 12 10 Demand 6. 10 12 14 16 18 20 Quantity (millions of hours) 10:52 AM G 4) ENG 3/24/2020 !! Rate ($ per hour)
Extracted text: A Macmillan Learning Achieve A Macmillan Learning Achieve b My Questions | bartleby -> A achieve.macmillanlearning.com/courses/debef54e-470a-4a08-a269-afbcb8555c0f/4/ktqxys/tools/assessment/items/40bf682f-7a9e-49. Q E Apps НСС Social O Stores Assessment Due: Thu, Mar 26 O Assignment Score: 3.5% E Feedback Resume Question 1 of 17 O Attempt 1 30 28 A Economic surplu.. 26 24 Deadweight loss 22 20 Supply 18 16 14 12 10 Demand 8 4 4 6 10 12 14 16 18 20 Ouantitu lmillions of houre 10:54 AM G 4) ENG 3/24/2020 Rate ($ per hour)