S p' p* D →数量 Y* Y' ΧΧ M The supply function and demand function of a certain agricultural product are as follows: S=2p- 40, D=-2p+120. p is the unit price. Let's assume that the home country is a small country. The international price of the product is P*=25. The government then decides to impose restrictions on the import quantity of this product and the limited amount is ='- (see the graph). In an open economy situation, when M=40, please answer questions 15-18.15. Please calculate the consumer surplus of this country. 16. Please calculate the producer surplus of this country. 17. Please calculate the total surplus of this country. 18. Please calculate the deadweight loss of this country.

S p' p* D →数量 Y* Y' ΧΧ M The supply function and demand function of a certain agricultural product are as follows: S=2p- 40, D=-2p+120. p is the unit price. Let's assume that the home country is a small country. The international price of the product is P*=25. The government then decides to impose restrictions on the import quantity of this product and the limited amount is ='- (see the graph). In an open economy situation, when M=40, please answer questions 15-18.15. Please calculate the consumer surplus of this country. 16. Please calculate the producer surplus of this country. 17. Please calculate the total surplus of this country. 18. Please calculate the deadweight loss of this country.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 32P: Imagine that to preserve the traditional way of life in small fishing villages, at government...

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