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In a competitive market for kitchen bags, the highest price consumers are willing to pay is $18 per pack and the lowest price producers are
In a competitive market for kitchen bags, the highest price consumers are willing to pay is $18 per pack and the lowest price producers are willing to accept is $8 per pack. The market is in equilibrium where the price is $10 per pack, at which 10 million packs are sold. Assume that both demand and supply curves are straight lines. In this market: (Enter numbers in millions of dollars.) The consumer surplus is A The producer surplus is A The total gains from trade are The deadweight loss is A
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