not use ai please Figure 5Price(dollars)$40DomesticSupply$20World Price$15$5DomesticDemand50,000 93,750 Quantity of75,000wheelbarrows50) Figure 5 depicts the domestic market for wheelbarrows in Nigeria. Assume that Nigeria is small enoughthat it cannot influence the world price for wheelbarrows. Given the ability to trade internationally, whatis the total surplus in the wheelbarrow market in Nigeria?a.$1,171,875a. $1,421,875b. $1,312,500c. $750,000d. $312,500

Answered: Image /qna-images/answer/331d765c-68ab-4c29-9cef-515b11c9a365.jpg

Answered: Figure 5 Price (dollars) $40 Domestic…

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 8PA

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