What is the welfare gain for consumers (increase in consumer's surplus) resulting from trade in country 2? a) $3 b) $27c) $31.5d) $40.5 e) $45 COUNTRY 1INTERNATIONAL MARKETCOUNTRY 2252525S220s220201515S115s1M liIPEIPEIP101010D2d2d1QD10 3 6 9 12151821240 3 6 9 12 15 182124Q0 3 6 9 1215 182124 Q09. What is the welfare gain for consumers (increase in consumer's surplus) resulting from trade in country 2?O a) $3O b) $27O C) $31.5O d) $40.5O e) $45P.P.

consumer surplus is defined as the area under the demand curve.

COUNTRY 1 INTERNATIONAL MARKET COUNTRY 2 25 25 25 S2 20 s2 20 20 15 15 S1 15 s1 FIP IP IP 10 10 10 D2 d2 d1 Q D1 0 3 69 1215182124 0 369 1215 182124 Q 0 3 69 1215 182124 Q 09. What is the welfare gain for consumers (increase in consumer's surplus) resulting from trade in country 2? O a) $3 O b) $27 O C) $31.5 O d) $40.5 O e) $45 P. 5.

COUNTRY 1 INTERNATIONAL MARKET COUNTRY 2 25 25 25 S2 20 s2 20 20 15 15 S1 15 s1 FIP IP IP 10 10 10 D2 d2 d1 Q D1 0 3 69 1215182124 0 369 1215 182124 Q 0 3 69 1215 182124 Q 09. What is the welfare gain for consumers (increase in consumer's surplus) resulting from trade in country 2? O a) $3 O b) $27 O C) $31.5 O d) $40.5 O e) $45 P. 5.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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