(1 point) Note: This problem is similar to problems 1 and 8 in section 6.2 (pages 284-5). Supply and demand curves for a product appear in the graph below. The supply curve is the green curve. The demand curve is the red curve. (NOTE: You may click on the figure below to obtain a larger graph.)
Equilibrium price = 40
Equilibrium quantity = 110
Estimate the consumer surplus = 1650
Estimate the producer surplus = 660
Estimate the total gains from trade for this product = 2310
Estimate what quantity would be sold and what the consumer surplus, producer surplus, and total gains would be IF an artificial price of $ 4 were imposed.
Estimated quantify sold for an artificial price of $ 60:
Estimated consumer surplus for an artificial price of $ 60:
Estimated producer surplus for an artificial price of $ 60:
Estimated total gain for an artificial price of $ 60:
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