Explanation Given information: A statement is given as - "Total gain from trade is the difference between consumer and producer surplus." Calculation: Given statement is - "Total gain from trade is the difference between consumer and producer surplus." The supplier and consumer behavior is described by supply and demand curve. The supply curve shows the quantity q of an item that a producer supplies at different prices, p . The demand curve shows what quantity of product is purchased by consumer at different prices. As per the rule of supply and demand, market settles at the equilibrium price p * and equilibrium quantity q * where the supply and demand curve cross each other. At the equilibrium point a quantity q * of an item is produced and sold at the price of p * . Consumer surplus: This is measure of consumer's gain from the trade. It is the total amount gained by consumer by purchasing an item at the current price, rather than at the price they would have been willing to pay

6th Edition

ISBN: 9781119267874

Author: Hughes-Hallett

Publisher: WILEY

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Chapter 6, Problem 37SYU

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Whether the given statement is true or false.

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Chapter 6, Problem 36SYU

Chapter 6, Problem 38SYU

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Whether the given statement is true or false.

Solution Summary: The author explains that total gain from trade is the difference between consumer and producer surplus.

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Chapter 6 Solutions