Suppose that the world price for shoes ( which would be the price if Country L trades with the rest of the world) is equal to $ 75. What is the CHANGE in total surplus to Country L ( after trade) on Unit 85,000 ( i.e., find the difference between the total surplus if Country L does trade and the total surplus if Country L does not trade)?

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
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Chapter4: Demand, Supply, And Market Equilibrium
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You are given the following points on the Supply and Demand Curves for shoes within Country L ( i.e., D for L’s consumers , S for L’s suppliers):
  Price           Qty. Demanded         Qty. Supplied
   $ 90                 60,000                  180,000
   $ 75                 75,000                  150,000
   $ 70                 80,000                  140,000
   $ 65                 85,000                  130,000
   $ 62.50            87,500                  125,000
   $ 60                 90,000                  120,000
   $ 50               100,000                  100,000
   $ 45               105,000                    90,000
   $ 42.50          107,500                    85,000
   $ 37.50          112,500                    75,000
   $ 30              120,000                     60,000
   $ 25              125,000                     50,000
Suppose that the world price for shoes ( which would be the price if Country L trades with the rest of the world) is equal to $ 75.
What is the CHANGE in total surplus to Country L ( after trade) on Unit 85,000 ( i.e., find the difference between the total surplus if Country L does trade and the total surplus if Country L does not trade)?
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