Solutions Economics

Solution) Use the figure below for questions 2 and 3. (a) Estimate the equilibrium price and equilibrium qua

Question: Use the figure below for questions 2 and 3.

(a) Estimate the equilibrium price and equilibrium quantity.

(b) Estimate the consumer surplus. Draw it on a graph similar to Figure 6.2.163.

(c) Estimate the producer surplus. Draw it on a graph similar to Figure 6.2.163.

(d) Estimate the total gains from trade.

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