(Answered) To answer this question use the graph labeled graph 3 the

Management Studies

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

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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