Homework Answers
1. D
(Unexploited gains from trade = E + F = area of triangle =
(1/2)*base*height = (1/2)*(50-20)*(80-20) = (1/2)*30*60 = 900)
2. D
(At equilibrium,Qd = Qs.
So, 50 - 3P = 2P
So, 2P + 3P = 5P = 50
So, P = 50/5 = 10
Q = 2P = 2*10 = 20)
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