To answer this question, use the graph labeled Graph 3 The letters A, B, , I represent areas delimit

To answer this question, use the graph labeled Graph 3 The letters A, B, , I represent areas delimited by solid lines **explain reasoning*

Before trade, in terms of areas:

a What is the consumer surplus?

b What is the producer surplus?

c What is the total surplus?

In terms of quantity (Q):

d How much is produced domestically?

Under free trade,

e Is the domestic country importing or exporting?

f How many units?

In terms of areas,

g What is the consumer surplus?

h What is the producer surplus?

i What are the (net) gains from free trade?

 

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