Figure 2 25 20 15 10 5 Supply & Demand 5 10 15 20 1) In Figure 2, label the vertical & horizontal axes and label the dem

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Figure 2 25 20 15 10 5 Supply Demand 5 10 15 20 1 In Figure 2 Label The Vertical Horizontal Axes And Label The Dem 1 (51.56 KiB) Viewed 13 times

Figure 2 25 20 15 10 5 Supply & Demand 5 10 15 20 1) In Figure 2, label the vertical & horizontal axes and label the demand curve and the supply curve appropriately. 2) Input price rises for the production of the good and the supply curves shifts from "orange" to "grey." Is that a supply increase or a supply decrease? 3) What is the equilibrium outcome given the shifted supply curve and demand curve in the diagram to the left? 4) What is the total revenue for producers generated given this equilibrium? What is the total expenditure by consumers? Given the new equilibrium, calculate the consumer surplus. 5) 6) Given the new equilibrium, calculate the producer surplus. 7) Given the new equilibrium, calculate the economic surplus. 8) Compare the consumer surplus, producer surplus, and economic surplus for Figure 2 with those values for Figure 1. Report & explain.