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N3 3. Answer each of the following questions on supply and producer surplus. a. What is producer surplus, and how is it measured? b. What

N3

3. Answer each of the following questions on supply and producer surplus. a. What is producer surplus, and how is it measured? b. What is the relationship between the cost to sellers and the supply curve? c. Other things equal, what happens to producer surplus when the price of a good rises? Illustrate your answer on a supply curve. 4. How does an import quota differ from an equivalent tariff?

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