What is the value of the lost saints from trade

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Reference no: EM131970340

Let s count the value of lost gains from trade in a regulated market. The government decides it wants to make basic bicycles more affordable, so it passes a law requiring that all one-speed bicycles sell for $30. well below the market price.

Use the following data to calculate the lost gains from trade, just as in Figure 8.3. Supply and demand are straight lines.

596_Supply & Demand.jpg

What is the total value of wasted time in the price-controlled market?

What is the value of the lost saints from trade?

Note that we haven't given you the original market price of simple bicycles-why don't you need to know it?

Reference no: EM131970340

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