Question

Consider the Sudanese market for tangerines The following graph shows the domestic demand and domestic supply curves for tangerines in Sudan. Suppose Sudan'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 Sudan 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 Domestic Demand Domestic Supply 54C 520 Equilibrium without Trade 500 480 Consumer Surplus 460 440 420 Producer Surplus 400 380 360 340 0 40 80 120 160 200 240 280 320 360 400 QUANTITY (Tons of tangerines) PRICE (Dollars per ton)

Answer 1

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