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Figure: The Market for Tea in Sri Lanka
-(Figure: The Market for Tea in Sri Lanka) Look at the figure The Market for Tea in Sri Lanka. In autarky, the price is P₁, consumer surplus equals _____, and producer surplus equals _____.

Question

Use the following to answer questions :
Figure: The Market for Tea in Sri Lanka

-(Figure: The Market for Tea in Sri Lanka) Look at the figure The Market for Tea in Sri Lanka. In autarky, the price is P₁, consumer surplus equals _____, and producer surplus equals _____.

Quizplus · Accepted Answer

In autarky, consumer surplus is the area above the price and below the demand curve, which is F + G + H. Producer surplus is the area below the price and above the supply curve, which is J + K.

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