22-12-2022
Business

Answered

1. Mexico represents a small part of the world
orange market.
a. Draw a diagram depicting the equilibrium
in the Mexican orange market without
international trade. Identify the equilibrium
price, equilibrium quantity, consumer
surplus, and producer surplus.
b. Suppose that the world orange price is below
the Mexican price before trade and that the
Mexican orange market is now opened to
trade. Identify the new equilibrium price,
quantity consumed, quantity produced
domestically, and quantity imported. Also
show the change in the surplus of domestic
consumers and producers. Has total surplus
increased or decreased?

(This is for my macroeconomics class)

Answer :

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