if 1,200 units were traded,total social surplus would be equal to ____deadweight-loss would be equal to _____
To determine the total social surplus and the deadweight loss, we need to have a supply and demand curve or equation for the traded units.
The social surplus is the difference between the total value to the buyers (consumer surplus) and the total cost to the sellers (producer surplus). It represents the overall welfare or benefit to society from the transaction.
The deadweight loss, on the other hand, is the loss of economic efficiency that occurs when the quantity of a good traded is not at the equilibrium quantity. It is the foregone surplus that could have been generated if the quantity traded had been at the equilibrium level.
Unfortunately, without specific information about the supply and demand conditions, it is not possible to calculate the total social surplus or the deadweight loss resulting from the trade of 1,200 units. To determine these values, we would need to know the price at which the units were traded and have access to the demand and supply curves or equations.
Once the price and the supply and demand equations or curves are known, it becomes possible to calculate consumer surplus, producer surplus, total social surplus, and deadweight loss by integrating the areas under these curves between the given quantity (1,200 units) and the equilibrium quantity.