Figure: Consumption with and without Trade 
Refer to the figure. Suppose this diagram represents the market for sugar in the United States.
a. What is the equilibrium price of sugar before trade?
b. What is the equilibrium quantity of sugar before trade?
c. What is the price of sugar after trade is allowed?
d. What is the quantity of sugar imported after trade is allowed?
e. What is the amount of consumer surplus before trade?
f. By how much does consumer surplus increase after trade?
g. What is the amount of producer surplus before trade?
h. What is the amount of producer surplus after trade?
Definitions:
Results Oriented
An approach or mindset that focuses on achieving specific outcomes or goals, often emphasizing the end result over the process used to achieve it.
Time Management
The process of organizing and planning how to divide your time between specific activities to increase effectiveness, efficiency, and productivity.
Prioritizing
The process of determining the most important tasks or goals and allocating time and resources accordingly.
Strategic Plans
Long-term goals and actions designed to achieve a company's vision and mission, enabling it to navigate towards future growth and success.
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