Graph 9-11 -Using Graph 9-11, Fill-In the Answers for the Following Questions

question 33

Short Answer

Graph 9-11

-Using Graph 9-11, fill-in the answers for the following questions.
a. consumer surplus before trade would be area(s) _______________.
b. consumer surplus after trade would be area(s) _______________.
c. producer surplus before trade would be area(s) _______________.
d. producer surplus after trade would be area(s) _______________.
e. total surplus before trade would be area(s) ______________.
f. total surplus after trade would be area(s) ______________.

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Definitions:

Accomplishment

Something that has been achieved successfully.

Self-Interest

Acting in a way that is beneficial to oneself, often without regard for others.

Motivation

Concept with two widely used meanings: (1) an internal state that leads to effort expended toward objectives and (2) an activity performed by one person to get another to accomplish work.

Need Theory

A psychological theory postulating that human motivation is influenced by a set of innate needs.