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12.Continuewiththescenarioofquestion11thenewprocessintheUnited States andtheresultingchangeintheinternationalequilibriumpriceratio.Focusnowoneffectsintherestoftheworld. a .Showgraphicallyandexplaintheeffectonquantitiesproduced,quantitiesconsumed, andwell-beingintherestoftheworld. b .Explainaspreciselyaspossiblewhywell-beingchangesintherestoftheworld.

12.Continuewiththescenarioofquestion11thenewprocessintheUnited States andtheresultingchangeintheinternationalequilibriumpriceratio.Focusnowoneffectsintherestoftheworld.

a.Showgraphicallyandexplaintheeffectonquantitiesproduced,quantitiesconsumed, andwell-beingintherestoftheworld.

b.Explainaspreciselyaspossiblewhywell-beingchangesintherestoftheworld.

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