I have no clue on part a. Please answr a) Thanks! 1. Use the following figure to answer to the questions:A. The U.S.Motorbike MarketB. InternationalMotorbike MarketC. The Rest of the World'sMotorbike MarketPrice($/unit)PricePrice($/unit)($/unit)Sus2,0002,000U.S. pretradepriceWorld pricewith tradeExportsStF1,000B1,0001,000Imports700700DusDmDfQuantity(thousands)75 Quantity(thousands)154065Quantity(thousands)502550Sus = U.S. supplyDus = U.S. demandS = Rest-of-world supply of exports(Sx = Sf- D;)Dm = U.S. demand for imports(Dm = Dus - Sus)Sf = Rest of world's supplyDf = Rest of world's demanda. Using the figure above determine the value of the following for the importing country:-Producer surplus before and after trade-Consumer surplus before and after trade-Net changes in producer and consumer surplus-Net changes in total surplusb. Using the figure above determine the value of the following for the exporting country:-Producer surplus before and after trade-Consumer surplus before and after trade-Net changes in producer and consumer surplus-Net changes in total surplus

As mentioned in the question, the subparts under Question A are answered.The total of the surpluses…

a. Using the figure above determine the value of the following for the importing country: -Producer surplus before and after trade -Consumer surplus before and after trade -Net changes in producer and consumer surplus -Net changes in total surplus

a. Using the figure above determine the value of the following for the importing country: -Producer surplus before and after trade -Consumer surplus before and after trade -Net changes in producer and consumer surplus -Net changes in total surplus

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I have no clue on part a. Please answr a) Thanks!

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Step 2: 1) Compute the producer surplus before and after trade

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Step 3: 2) Compute the consumer surplus before and after trade

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Step 4: 3) Compute the net change in producer and consumer surplus

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Step 5: 4) Compute the net changes in total surplus

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