Suppose that producers need to have licenses to sell apples, Microeconomics

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Suppose that producers need to have licenses to sell apples

Suppose that producers need to have licenses to sell apples, and that only 90 units of apples are licensed (i.e. Q is limited to 90). Calculate;

a. the sum of the consumer surplus and producer surplus

b. the reduction in consumer well-being because of the licensing.

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Microeconomics: Suppose that producers need to have licenses to sell apples

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Microeconomics: Suppose that producers need to have licenses to sell apples

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