1. Welfare effects of free trade in an exporting country Consider the Honduran market for soybeans. 9 The following graph shows the domestic demand and domestic supply curves for soybeans in Honduras. Suppose Honduras's government currently does not allow international trade in soybeans. EB , Use the black point (plus symbol ) to indicate the equilibrium price of a ton of soybeans and the equilibrium quantity of soybeans in Honduras in the ' absence of international trade. Then, use the green triangle {triangle symbol) to shade the area representing consumer surplus in equrllbriurn. Finally, a use the purple triangle (diamond symbol ) to shade the area representing producer surplus in equilibrium. b 9 (I) 450 Domestic Demand Domestic Supply 4% v?! 400 Equilibrium without Trade 315 M Consumer Surplus 'E 2 'o'; 350 EL 0: t. L\" O p. O