The supply and demand curves of a product are shown in Figure 6.13. Approximate the difference in the total gains from trade if the price is artificially increased from the equilibrium price of p = 95 to p*= 110. p(Sunit) 200 888888888 180 160 140 120 100 50 O(a) $137.50 Ⓒ (b) $3,250 O (c) $4,675 100 150 200 Figure 6.13 (quantity)

The supply and demand curves of a product are shown in Figure 6.13. Approximate the difference in the total gains from trade if the price is artificially increased from the equilibrium price of p = 95 to p*= 110. p(Sunit) 200 888888888 180 160 140 120 100 50 O(a) $137.50 Ⓒ (b) $3,250 O (c) $4,675 100 150 200 Figure 6.13 (quantity)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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