Hint: label and the relevant points on the graph (like we did in class). Suppose now the "T-shirt" market is open to international trade. The world Now that trade is allowed, find the: 2. Number of shirts consumers want to buy at the world price. 3. Number of shirts domestic firms will produce at the world price. 4. How many shirts will be imported? 5. What is the consumers surplus when trade is allowed? 6. What is the producer surplus when trade is allowed? S

Hint: label and the relevant points on the graph (like we did in class). Suppose now the "T-shirt" market is open to international trade. The world Now that trade is allowed, find the: 2. Number of shirts consumers want to buy at the world price. 3. Number of shirts domestic firms will produce at the world price. 4. How many shirts will be imported? 5. What is the consumers surplus when trade is allowed? 6. What is the producer surplus when trade is allowed? S

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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