3. The graph below represents the market for lychee nuts. The equilibrium price is $7.00 per bushel, but the market price is $5.00 per bushel. Price (dollars per bushel) Supply $7.00 C 5.00 Demand...

Both subparts explanation correct and in the detail steps

Extracted text: 3. The graph below represents the market for lychee nuts. The equilibrium price is $7.00 per bushel, but the market price is $5.00 per bushel. Price (dollars per bushel) Supply $7.00 C 5.00 Demand 8,000 12,000 Quantity (bushels per month) 1) Identify the areas representing consumer surplus (CS), producer surplus (PS), and deadweight loss at the market price of $5.00 2) Identify the areas répresenting consumer surplus (CS), producer surplus (PS), and deadweight loss at the equilibrium price of $7.00 B.