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Korolek [52]
3 years ago
9

In 2017, it was estimated that the average amount spent on winter holiday gifts in the United States was $906. Based on the esti

mate from the Waldfogel study, how much of this would be deadweight loss
Mathematics
1 answer:
Pie3 years ago
8 0

Deadweight loss occurs when supply and demand are not in equilibrium.

Using the Waldfogel study, the deadweight loss is between $90.6 and $302

<h3>How to estimate the deadweight loss</h3>

The average amount spent is given as:

Amount = $906

Using the Waldfogel study, the deadweight loss is between 1/10 and 1/3 of the amount spent.

So, we have:

Minimum = \frac{1}{10} * \$906 = \$90.6

Maximum = \frac{1}{3} * \$906 = \$302

Hence, the deadweight loss is between $90.6 and $302

Read more about the deadweight loss

brainly.com/question/6597477

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