suppose a new law prohibits the sale of drones without both parties first getting the approval...
suppose a new law prohibits the sale of drones without both parties first getting the approval of a government official. With the new law in place, there is now the the potential for curruption. The official could ask for bribes in exchange for his or her approval. Using the graph above, and assuming the government official has perfect information, what amount of bribes he could get from the buyer and sellers combined in this market?
Homework Answers
Here, no diagram is provided, so i am assuming that the diagram is this
In the diagram the maximum amount of drives which a government official can ask is that total surplus in the market.since the maximum willingness to pay is shown by demand curve which consumer is ready to pay and supply curve shows the minimum amount which seller is ready to accept.
Thus the difference between willingness to pay and minimum acceptable price is the amount which a government official can take.the maximum amount will be equal to
total surplus = 1/2*(40-10)*20=300
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