Supply and demand curves are in Figure 6.37. A price of $40 is artificially imposed. (a)
Chapter 6, Problem 11(choose chapter or problem)
Supply and demand curves are in Figure 6.37. A price of $40 is artificially imposed. (a) At the $40 price, estimate the consumer surplus, the producer surplus, and the total gains from trade. (b) Compare your answers in this problem to your answers in 10. Discuss the effect of price controls on the consumer surplus, producer surplus, and gains from trade in this case.
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