trade deal, Japan will bring its tariff on canola oil down to zero. Using the hypothetical Japanese canola oil market below, how will total surplus change as a result of the removal of the tariff? (Do not include the extra zeros for millions in your answer. If total surplus falls, enter a negative number.) (Please note: The y-intercept is 9 and the
trade deal, Japan will bring its tariff on canola oil down to zero. Using the hypothetical Japanese canola oil market below, how will total surplus change as a result of the removal of the tariff? (Do not include the extra zeros for millions in your answer. If total surplus falls, enter a negative number.) (Please note: The y-intercept is 9 and the
Chapter1: Making Economics Decisions
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Over the next 4-5 years, as part of the free trade deal, Japan will bring its tariff on canola oil down to zero. Using the hypothetical Japanese canola oil market below, how will total surplus change as a result of the removal of the tariff?
(Do not include the extra zeros for millions in your answer. If total surplus falls, enter a negative number.) (Please note: The y-intercept is 9 and the x-axis begins at zero.)
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Total surplus= consumer surplus+producer surplus
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