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Can yo 2. Suppose that in 2013 the equilibrium price and quantity of good X were $5 and 2 million pounds. Because of strong demand

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2. Suppose that in 2013 the equilibrium price and quantity of good X were $5 and 2 million pounds. Because of strong demand in 2014, the equilibrium price and quantity of good X rose to $7 and 4 million pounds. Then in 2015, new technologies increased supply, reducing the 2015 equilibrium price to $6 and raising quantity to 5. Draw the 2013 and 2015 supply and demand curves for good X in the chart below, assuming that both curves are linear. (Since each curve has shifted once, there are four curves to draw.) Price $12 11 2013 10 9 . JurseHero 2015 w 2015 2013 6 7 8 9 10 11 12 Quantity How large (in $) was the consumer surplus, the producer surplus, and the gains from trade in 2013 and 2015? (You can leave off the millions) IN 2013: IN 2015: Consumer surplus 2 12.5 Producer surplus 2 12.5 Gains from trade 25

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