2. According to the graph, answer the following questions about Pencil Sharpeners. Price of Pencil Sharpeners $24 16 12 4 Domestic Supply World Price Domestic Demand 200 300 450 Quantity of Pencil Sharpeners a. What is the equilibrium price of Pencil Sharpeners before trade? b. What is the equilibrium quantity of Pencil Sharpeners before trade? c. What is the price of Pencil Sharpeners after trade is allowed? d. What is the quantity of Pencil Sharpeners exported? e. What is the amount of consumer surplus before trade? f. What is the amount of consumer surplus after trade? g. What is the amount of producer surplus before trade? h. What is the amount of producer surplus after trade? What is the amount of total surplus before trade? i. j. What is the amount of total surplus after trade? k. What is the change in total surplus because of trade?

2. According to the graph, answer the following questions about Pencil Sharpeners. Price of Pencil Sharpeners $24 16 12 4 Domestic Supply World Price Domestic Demand 200 300 450 Quantity of Pencil Sharpeners a. What is the equilibrium price of Pencil Sharpeners before trade? b. What is the equilibrium quantity of Pencil Sharpeners before trade? c. What is the price of Pencil Sharpeners after trade is allowed? d. What is the quantity of Pencil Sharpeners exported? e. What is the amount of consumer surplus before trade? f. What is the amount of consumer surplus after trade? g. What is the amount of producer surplus before trade? h. What is the amount of producer surplus after trade? What is the amount of total surplus before trade? i. j. What is the amount of total surplus after trade? k. What is the change in total surplus because of trade?

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter4: Markets In Action

Section: Chapter Questions

Problem 2SQP

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