This is a file upload question. Typed answers on word, PDF,…

Written by Anonymous on February 3, 2025 in Uncategorized with no comments.

Questions

This is а file uplоаd questiоn. Typed аnswers оn word, PDF, or any other format won't be accepted! Work your solution in a piece of paper, take a picture, and upload your file.   This is an optional extra-credit question. Answer correctly and get up to 5 points to be added to your final exam's score (if your score is lower than 110 points). Assume that B = 30 and D = 12.  Suppose this market is closed to international trade (no trade). Given the information above: Calculate consumer surplus and producer surplus by showing your work! Suppose that now Wonderland enters the international market for sweaters (with trade), where one t-shirt now costs $15. Calculate the new values of consumer surplus and producer surplus by showing your work! Based on your calculations, who benefit and who lost (consumers or producers) when Wonderland entered the international market? Justify your answer!

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