A semiconductor is a key component in your laptop, smartphone, and iPad. The table provides information about the market for semiconduc tors in Canada. Price (dollars Quantity demanded Quantity supplied per unit) (billions of units per year) Producers of semiconductors can get $18 a unit on the world market.

a. With no international trade, what would be the price of a semiconductor and how many semiconductors a year would be bought and sold in Canada? h. Does Canada have a comparative advantage in producing semiconductors? 15. Corn Prices Fall Back to 2016 Levels as COVID-19 Lockdowns Cut Ethanol Corn prices could drop to their lowest levels in more than a decade as coronavirus-related weak- ness in demand for gasoline pushes the cost of ethanol toward record lows. Source: marketwatch.com, April 3, 2020 2. Why are corn prices expected to fall?

b. How does the fall in the world price of com affect the quantity of corn produced and consumed in a corn-exporting nation?

c. How does the fall in the world price of com affect the quantity of com produced and consumed in a corn-importing nation? Winners, Losers, and the Net Gain from Trade