1. These graphs show the cotton market in two regions, Africa and America (8 points) Cotton America Cotton Africa 150 150 125 125 100 100 Price (cents/ pound) 75 Price (cents) pound) 75 50 50 25 25 100 200 300 400 500 600 700 800 100 200 300 400 500 600 700 Quantity (1000 lbs) Quantity (1000 lbs) a. Before trade, what is the price of cotton Africa? in America? b. Before trade, what is the quantity produced and consumer in Africa? in America? C. After trade begins, what is the equilibrium world price of cotton? d. Which region will export cotton? import cotton? e. How much will Africa produce at the world price? how much will Africa consume? f. How much will America produce at the world price? how much will America consume? g- What is the level of exports and imports