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:
Capital
Assets or resources, such as machinery, buildings, or money, that can be used to produce goods and services and generate wealth.
Coined
Refers to the creation of a new word or phrase or the process of making coins as a form of currency.
Interest Rate
The percentage at which interest is paid by borrowers for the use of money that they borrow from a lender.
Profit
The financial gain that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.
Q47: Suppose in the country of Jumanji that
Q106: Refer to Figure 9-21. With free trade
Q160: Tariffs and quotas are different in the
Q204: If a country allows trade and, for
Q228: Which of the following correctly lists what
Q288: The government computes measures of income other
Q332: Japan imposes a $300 per ton tariff
Q364: Refer to Figure 9-6. The amount of
Q445: Refer to Scenario 8-3. Suppose that a
Q468: If consumption is $1800, GDP is $4300,