Use the following to answer questions :
Figure: The Market for Oranges in South Africa 
-(Figure: The Market for Oranges in South Africa) Look at the figure The Market for Oranges in South Africa. In autarky, the price of oranges in South Africa is P1. When the economy is opened to trade, the price falls to PW and the change in total surplus is area:
Definitions:
Sunk Costs
Costs that have already been incurred and cannot be recovered, which should not influence future business decisions since they cannot be changed.
Split-off
A point in a production process where multiple products are generated from a single input, each having its own identifiable market.
Joint Production Costs
Costs incurred during the process of producing multiple products simultaneously where the costs cannot be attributed to individual products easily.
Relative Sales Value Method
A method used to allocate joint costs based on the relative sales value of the products produced from the same process or operation.
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