After the city sets a minimum fee of $20 per dog walk, what is the deadweight loss per dog walk?

Question

After the city sets a minimum fee of $20 per dog walk, what is the deadweight loss per dog walk?
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Solution 1

To answer this question, we need more information about the market for dog walking before and after the minimum fee was imposed. Deadweight loss is the loss in total surplus that occurs when the market is not efficient, or when the quantity supplied does not equal the quantity demanded.

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