Homework Answers
Answer.
With the free trade, the world price is equal to $6.
So, demand is approximately equal to 8. And supply is approximately equal to 12.
As the free trade eliminate, the domestic demand becomes equal to domestic supply. And at equilibrium price is equal to $4.
Consumer surplus is the area above price and below demand curve. At this price , comsumer surplus increases by 18. While, producer surplus is the area below price and above supply curve, thus, it falls by 22.
With eliminating free trade, total welfare falls by 4.
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