Using the graph below,answer the following questions about hammers.
a.What is the equilibrium price of hammers before trade?
b.What is the equilibrium quantity of hammers before trade?
c.What is the price of hammers after trade is allowed?
d.What is the quantity of hammers imported after trade is allowed?
e.What is the amount of consumer surplus before trade?
f.What is the amount of consumer surplus after trade?
g.What is the amount of producer surplus before trade?
h.What is the amount of producer surplus after trade?
i.What is the amount of total surplus before trade?
j.What is the amount of total surplus after trade?
k.What is the change in total surplus because of trade?
Definitions:
Exudate Formation
The process of oozing fluid, high in protein and cellular elements, from blood vessels into nearby tissues as a response to injury or inflammation.
Cognitive Responses
Mental processes and reactions, such as thoughts and interpretations, in response to stimuli or situations.
Lethargic
A state of sluggishness, fatigue, or lack of energy, often indicative of underlying health conditions.
Preoccupied
Engrossed in thought or concerns, often to the point of not being aware of one's surroundings.
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