Question 11 Price 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 S D World Price %%%%%%% %0 '00' 10 20 30 40 50 60 70 80 90 ²00 10 Quantity The graph above demonstrates the domestic demand and supply for a good, as well as the world price for that good. If this economy were to open to free trade: O Total surplus would be $1,210. O Deadweight loss would be $160. O Producer surplus would be $1,125. O Consumer surplus would be $605.

Question 11 Price 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 S D World Price %%%%%%% %0 '00' 10 20 30 40 50 60 70 80 90 ²00 10 Quantity The graph above demonstrates the domestic demand and supply for a good, as well as the world price for that good. If this economy were to open to free trade: O Total surplus would be $1,210. O Deadweight loss would be $160. O Producer surplus would be $1,125. O Consumer surplus would be $605.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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