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:
Insurance Policy
A legal contract between an insurer and the insured, outlining the terms, coverages, premiums, and conditions under which the insurer agrees to compensate the insured.
Adjusting Entry
A journal entry made at the end of an accounting period to allocate revenues and expenses to the period in which they actually occurred.
Prepaid Insurance
Insurance premiums paid in advance for coverage that extends into future accounting periods.
Goniometer
A protractor device that measures range of motion.
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