Please give me correct answer and full explanation with calculation Note:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. Consider the market for ethanol in the United States depicted in the figure to the right. Assume theworld price of ethanol is $0.60 per gallon, and at that once the United States can buy as muchethanol as it wants without causing the world price to riseNow suppose a quota eliminating trade is imposed by the governmentWhat is the dollar amount of the change in consumer surplus as a result of the quota? $(Enter a numeric response using a real number rounded to two decimal places using thecorrect sign)a2.802.60-a2.40-Supply2.20G2.00billion.1.801.60-1.401.201.00-0.800.60-0.400.200.00-024 5Quantity of ethanol (billion gallons per year)Demand7

The consumer pays less amount for a given situation to achieve a financial benefit. The lower the…

Answered: 2.80- 2.60 a 2.40- Supply 2.20 G 으 200…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give me correct answer and full explanation with calculation Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.

Consider the market for ethanol in the United States depicted in the figure to the right. Assume the
world price of ethanol is $0.60 per gallon, and at that once the United States can buy as much
ethanol as it wants without causing the world price to rise
Now suppose a quota eliminating trade is imposed by the government
What is the dollar amount of the change in consumer surplus as a result of the quota? $
(Enter a numeric response using a real number rounded to two decimal places using the
correct sign)
a
2.80
2.60-
a
2.40-
Supply
2.20
G
2.00
billion.
1.80
1.60-
1.40
1.20
1.00-
0.80
0.60-
0.40
0.20
0.00-
0
2
4 5
Quantity of ethanol (billion gallons per year)
Demand
7

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