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2. Trade: The North American Free Trade Agreement (NAFTA) was implemented in 1993, After implementation, a global price of 533 per cwt emerged, meaning US
2. Trade: The North American Free Trade Agreement (NAFTA) was implemented in 1993, After implementation, a global price of 533 per cwt emerged, meaning US domestic producers could only charge S33 per cwt. a. Draw supply, demand, and the new equilibrium on a graph. Label US tomato production and total tomato consumption. b. Calculate new equilibrium price and guantity. How much quantity is supplied by US producers? How much by Mexican producers? c. Calculate consumer surplus and producer surplus. Compare to question 1 and explain any changes that occurrad
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