Use the green triangle (triangle symbol) to shade consumer surplus, and then use the purple triangle (diamond symbol) to shade producer surplus.920Domestic DemandDomestic Supply860Consumer Surplus800Pw740680Producer Surplus6205805004403803204590135180225270315360405450QUANTITY (Tons of lemons)When New Zealand allows free trade of lemons, the price of a ton of lemons in New Zealand will be $800. At this price, |tons oflemons will be demanded in New Zealand, and|tons will be supplied by domestic suppliers. Therefore, New Zealand will exporttons of lemons.Using the information from the previous tasks, complete the following table to analyze the welfare effect of allowing free trade.Without Free TradeWith Free Trade(Dollars)(Dollars)Consumer SurplusProducer SurplusWhen New Zealand allows free trade, the country's consumer surplusby $and producer surplusby S. So, the net effect of international trade on New Zealand's total surplus is aofPRICE (Dollars per ton) Consider the New Zealand market for lemons.The following graph shows the domestic demand and domestic supply curves for lemons in New Zealand. Suppose New Zealand's governmentcurrently does not allow international trade in lemons.Use the black point (plus symbol) to indicate the equilibrium price of a ton of lemons and the equilibrium quantity of lemons in New Zealand in theabsence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally,use the purple triangle (diamond symbol) to shade the area representing producer surplus in equilibrium.(?920Domestic DemandDomestic Supply860Equilibrium without Trade800740680Consumer Surplus820580Producer Surplus5004403803204590135180225270315380 405450QUANTITY (Tons of lemons)Based on the previous graph, total surplus in the absence of international trade is SThe following graph shows the same domestic demand and supply curves for lemons in New Zealand. Suppose that the New Zealand governmentchanges its international trade policy to allow free trade in lemons. The horizontal black line (Pw) represents the world price of lemons at $800 perton. Assume that New Zealand's entry into the world market for lemons has no effect on the world price and there are no transportation or transactioncosts associated with international trade in lemons. Also assume that domestic suppliers will satisfy domestic demand as much as possible before anyexporting or importing takes place.PRICE (Dollars per ton)

Domestic Demand Domestic Supply Consumer Surplus Pw Producer Surplus O 45 90 135 180 225 270 315 380 405 450 QUANTITY (Tons of lemons) ew Zealand allows free trade of lemons, the price of a ton of lemons in New Zealand will be $800. At this price, [ ] tons will be supplied by domestic suppliers. Therefore will be demanded in New Zealand, and | ]tons of lemons. be information from the previous tasks, complete the following table to analyze the welfare effect of allowing free tra Without Free Trade With Free Trade (Dollars) (Dollars)

Domestic Demand Domestic Supply Consumer Surplus Pw Producer Surplus O 45 90 135 180 225 270 315 380 405 450 QUANTITY (Tons of lemons) ew Zealand allows free trade of lemons, the price of a ton of lemons in New Zealand will be $800. At this price, [ ] tons will be supplied by domestic suppliers. Therefore will be demanded in New Zealand, and | ]tons of lemons. be information from the previous tasks, complete the following table to analyze the welfare effect of allowing free tra Without Free Trade With Free Trade (Dollars) (Dollars)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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