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What is the value of the loss in producer surplus

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Reference no: EM132362616

The Venezuelan government places price ceilings on food items, in particular rice and milk. There were reports of shortages as well as wide spread smuggling and hoarding in the nation.

The original market equilibrium price was $0.50 for one litre of milk with 7 million litres being traded daily. The price ceiling has resulted in it being $0.30 for one litre of milk with only 2 million litres being traded. What is the value of the loss in producer surplus when the price moves from $0.5 to $0.3 for one litre of milk? $ million. Answer in millions to two decimal places

Reference no: EM132362616

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