3) Consider the example of Greta and Carlos discussed in The Economy textbook Unit 1 Section 1.8 and Figure 1.9a and 1.9b. Figure1.9a Production if 100% of time is spent on one good Greta Carlos 1,250 apples or 50 tonnes of wheat 1,000 apples or 20 tonnes of wheat Figure 1.9b Self-sufficiency Complete specialization and trade Production Trade Consumption 2 3 4 Apples 500 0 600 Greta Wheat 30 50 = 15 + 35 Apples 300 1,000 = 600 + 400 Carlos Wheat 14 15 Apples 800 1,000 600 1,000 Total Wheat 44 50 15 50 Assume the market price is now 1 tonne of wheat can be traded for 45 apples. Greta proposes a trade of 14 tonnes of wheat with Carlos. 1 toone of wheat = 45 apples a. What would Greta and Carlos have available to consume of both goods if the trade goes ahead? (4 marks) b. Would both Carlos and Greta be better off after the trade? Explain. (6 marks)