$255 Pw 30 s070 Use the image above for the following questions. (Yes, I know my graph is terrible.) In the graph "Pw" is the world price, meaning the price that it is being sold for across the world. "SD" is the domestic supply, meaning the supply/production of the product within the country. (Need help on these? Video explanation: https://youtu.be/iBMwb3TvkVY ) 9) If we do not consider the world price, what is the normal PE and EQ in this graph? 10) Still, if we do not consider the world price and just look at this graph in equilibrium, what area represents the consumer surplus? What area represents the producer surplus? 11) Now, let's say that this country wants to trade internationally and can import some of this product from other countries for $25 (as shown on the graph). What is the area of the consumer surplus now? So what was the difference between this answer and your answer on #9?

$255 Pw 30 s070 Use the image above for the following questions. (Yes, I know my graph is terrible.) In the graph "Pw" is the world price, meaning the price that it is being sold for across the world. "SD" is the domestic supply, meaning the supply/production of the product within the country. (Need help on these? Video explanation: https://youtu.be/iBMwb3TvkVY ) 9) If we do not consider the world price, what is the normal PE and EQ in this graph? 10) Still, if we do not consider the world price and just look at this graph in equilibrium, what area represents the consumer surplus? What area represents the producer surplus? 11) Now, let's say that this country wants to trade internationally and can import some of this product from other countries for $25 (as shown on the graph). What is the area of the consumer surplus now? So what was the difference between this answer and your answer on #9?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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