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Price (dollars per pound) $21 18 Supply Demand 11 40 80 Quantity (pounds) Figure 4-4 shows the market for tiger shrimp. The market is initially

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Price (dollars per pound) $21 18 Supply Demand 11 40 80 Quantity (pounds) Figure 4-4 shows the market for tiger shrimp. The market is initially in equilibrium at a price of $15 and a quantity of 80. Now suppose producers decide to cut output to 40 in order to raise the price to $18. Refer to Figure 4-4. What is the value of consumer surplus at a price of $18?

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