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Below you will find a supply and demand schedule for avocados. Assume that the market is...

Below you will find a supply and demand schedule for avocados. Assume that the market is otherwise competitive and in equilibrium. Then let the government institute a price floor at $7. You are to illustrate this outcome; title your graph and draw supply and demand , denote the efficient price and quantity, and exhibit the price floor . Be sure to label deadweight loss , consumer surplus, producer surplus , and any surplus or shortage that results . Calculate the DWL !

Price of Con Quantity demanded quantity supplied
$10 0 1000
$9 100 900
$8 200 800
$7 300 700
$6 400 600
$5 500 500
$4 600 400
$3 700 300
$2 800 200
$1 900 100
$0 1000 0
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