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In: Economics

show what happens if Islandia opens up to international trade and finds out that the world...

show what happens if Islandia opens up to international trade and finds out that the world price for textiles is lower than the domestic price.

•Draw the diagram, labelling carefully and accurately and showing quantities before and after and amount of exports or imports

•Show a table with Consumer Surplus, Producer Surplus, Total Surplus and the ∆ both before trade and after trade

•State what happens to producers and consumers in terms of being better or worse off

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#Please rate positively...thank you

Rahul Sunny answered 6 months ago
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