Graph 9-13 -Using Graph 9-13, Answer the Following Questions About Hammers

question 95

Short Answer

Graph 9-13

-Using Graph 9-13, answer the following questions about hammers.
a. What is the equilibrium price of hammers before trade?
b. What is the equilibrium quantity of hammers before trade?
c. What is the price of hammers after trade is allowed?
d. What is the quantity of hammers imported?
e. What is the amount of consumer surplus before trade?
f. What is the amount of consumer surplus after trade?
g. What is the amount of producer surplus before trade?
h. What is the amount of producer surplus after trade?
i. What is the change in total surplus because of trade?

---

Definitions:

Marginalized Member

An individual or group that is pushed to the fringe of society and deprived of social and economic participation, often due to factors like race, gender, or economic status.

Equality

Fairness and justice achieved through same treatment.

Tokenism

The practice of making only a perfunctory or symbolic effort to be inclusive to members of minority groups, especially by recruiting a small number of people from underrepresented groups in order to give the appearance of equality within a workforce.

Equity

The concept of fairness and justice within the context of society, often related to issues of wealth, opportunities, and rights.