On the graph, identify the areas of deadweight loss due to over production (DWLP), deadweight loss due to lost consumption (DWLC), the change in producer (PS), and tariff revenues (TR), and then calculate those values, plus the change in consumer surplus. Please enter all answers as a positive integer. Deadweight loss due to over production: $ Deadweight loss due to less consumption: $ Change in producer surplus: $ Tariff revenue: $ Change in consumer surplus: $ Price ($) 20 19 DWLP DWLC PS TR Supply 18 17 16 15 14 13 12 11 10 9 8 World price + tariff 7 6 5 4 World price 3 2 Demand 1 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Quantity
On the graph, identify the areas of deadweight loss due to over production (DWLP), deadweight loss due to lost consumption (DWLC), the change in producer (PS), and tariff revenues (TR), and then calculate those values, plus the change in consumer surplus. Please enter all answers as a positive integer. Deadweight loss due to over production: $ Deadweight loss due to less consumption: $ Change in producer surplus: $ Tariff revenue: $ Change in consumer surplus: $ Price ($) 20 19 DWLP DWLC PS TR Supply 18 17 16 15 14 13 12 11 10 9 8 World price + tariff 7 6 5 4 World price 3 2 Demand 1 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Quantity
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter9: Application: International Trade
Section: Chapter Questions
Problem 6PA
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