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Using Exhibits A-4 and Exhibit A-5 above, calculate the total surplus. Now calculate the effect on consumer surplus, producer surplus, and total surplus of a fall in the equilibrium price of text-books from $30 to $15 each. Explain the meaning of your calculations.
using Exhibit A-6, and assuming the market is in equilibrium at QE, identify areas ACD, DCE, and ACE. Now explain the result of underproduction at Q in terms of areas BCG, GCF, and BCF.