Suppose a country in autarky $($No free trade$)$ has the supply curve Qs $=2$P $+10($for P $>=0$ that is$,$ you should disregard the part of the supply curve that is below the horizontal axis$)$ for watches. The domestic market demand for watches is Qd $=75-3$P$.$ Find the consumer surplus and producer surplus for this country.

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Finding Consumer Surplus and Producer Surplus in Autarky 1 Equilibrium Price and Quantity In autarky ... View the full answer