Suppose that the equilibrium quantity and price for tangerines is ( 170 , $ 7 ) in a small closed-economy. When the economy opens the tangerine market to trading, the price of tangerines drops to $ 3 , the domestic quantity demanded increases to 190 and the domestic quantity supplied decreases to 131. What is the value of the area that represents the increase in total surplus, or the gains from trade, realized from opening the tangerine market

10. problems and applications q10 a market is described by the following supply-and-demand curves: qsqs = = 2p2p qdqd = = 300â’p300â’p the equilibrium price is $ and the equilibrium quantity is . suppose the government imposes a price ceiling of $90. this price ceiling is , and the market price will be $ . the quantity supplied will be , and the quantity demanded will be . therefore, a price ceiling of $90 will result in . suppose the government imposes a price floor of $90. this price floor is , and the market price will be $ . the quantity supplied will be and the quantity demanded will be . therefore, a price floor of $90 will result in . instead of a price control, the government levies a tax on producers of $30. as a result, the new supply curve is: qsqs = = 2(pâ’30)2pâ’30 with this tax, the market price will be $ , the quantity supplied will be , and the quantity demanded will be . the passage of such tax will result in .