Question

The following graph shows the domestic demand and domestic supply curves for tangerines in Panama. Suppose Panama's government currently does not allow international trade in tangerines. Use the black point (plus symbol) to indicate the equilibrium price of a ton of tangerines and the equilibrium quantity of tangerines in Panama in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use the purple triangle (diamond symbol) to shade the area representing producer surplus in equilibrium. 660 Domestic Demand Domestic Supply 620 Equilibrium without Trade 580 540 500 Consumer Surplus 460 420 Producer Surplus 380 340 300 260 0 45 90 135 180 225 270 315 360 405 450 QUANTITY (Tons of tangerines) Based on the previous graph, total surplus in the absence of international trade is s

Answer 1

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