Chapter 9 Problem 6: The figure below illustrates the market for cycles in a country. IPrice 38 36 34 Domestic Supply 26 24 22 20 18t 16t 14t 12t World price 10 Domeetic Demand Quantity 600 520 560 440 480 400 280 320 360 240 80 120 160 200 40 Without trade, cons umer surplus amounts to what amount? a. Without trade, producer surplus amounts to what amount? b. Without trade, total surplus amounts to what amount? c. With trade, the price of tricycles in this country is at what price and what amount? d. With trade, consumer surplus is how much? e. With trade, producer surplus is how much? f. With trade, total surplus is how much? g.
Chapter 9 Problem 6: The figure below illustrates the market for cycles in a country. IPrice 38 36 34 Domestic Supply 26 24 22 20 18t 16t 14t 12t World price 10 Domeetic Demand Quantity 600 520 560 440 480 400 280 320 360 240 80 120 160 200 40 Without trade, cons umer surplus amounts to what amount? a. Without trade, producer surplus amounts to what amount? b. Without trade, total surplus amounts to what amount? c. With trade, the price of tricycles in this country is at what price and what amount? d. With trade, consumer surplus is how much? e. With trade, producer surplus is how much? f. With trade, total surplus is how much? g.
Chapter1: Making Economics Decisions
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Transcribed Image Text:Chapter 9
Problem 6:
The figure below illustrates the market for cycles in a country.
IPrice
38
36
34
Domestic
Supply
26
24
22
20
18t
16t
14t
12t
World
price
10
Domeetic
Demand
Quantity
600
520 560
440 480
400
280 320 360
240
80 120 160 200
40
Without trade, cons umer surplus amounts to what amount?
a.
Without trade, producer surplus amounts to what amount?
b.
Without trade, total surplus amounts to what amount?
c.
With trade, the price of tricycles in this country is at what price and what amount?
d.
With trade, consumer surplus is how much?
e.
With trade, producer surplus is how much?
f.
With trade, total surplus is how much?
g.
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