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Consider the following information: Price Quantity domestically supplied Quantity domestically demanded $40

Posted: Wed Jul 06, 2022 5:55 am
by answerhappygod
Consider the following information:
Price Quantity domesticallysupplied Quantity domestically demanded
$40 4,000 0
$35 3,500 500
$30 3,000 1,000
$25 2,500 1,500
$20 2,000 2,000
$15 1,500 2,500
$10 1,000 3,000
$5 500 3,500
$0 0 4,000
If there is no trade, what is the total surplus?
Group of answer choices
$10,000
$20,000
$40,000
$62,500
Not enough information
Flag question: Question 8
Question 82 pts
Consider the numbers from the previous problem. If the worldprice is $5, what is the total surplus from no tariff?
Group of answer choices
$1,250
$25,000
$62,500
$85,000
$102,500
Flag question: Question 9
Question 92 pts
Again, consider the numbers from question 7. Suppose a tariff isthen applied of $5. What is the change in total surplus from thetariff?
Group of answer choices
Decrease of $2,500
Decrease of $10,000
Decrease of $20,000
Decrease of $32,500
Not enough information
please show all formulas.