3. Equilibrium and Gains to Trade (4 points) The market supply curve for gadgets is P = 100+ 0/sz The market demand curve for gadgets is P = 350 (Um a. (2 points) What is the market equilibrium price and quantity for gadgets? b. (1 point) Compute the dollar amount of the gains to trade in this market. It might be helpful to rst graph the demand and supply curves and the equilibrium coordinates. c. (1 point) In what sense do these these gains to trade represent value created to society by You need to Show all your workforfull credit. Continued on next page... 4. Food Truck Production (6 points) The Red Truck and Green Truck sell Burger and Fries combos by the Xcel Center in St. Paul. Both trucks have 30 minutes to allocate to preparing burgers and fries. However, they only sell combos one burger and one ies serving per combo. Suppose Red Truck and Green Truck can produce hamburgers and servings of fries as shown in this table: Available Hamburgers Servings Time per minute of Fries per minute Red Truck can produce 5 burgers per minute and 10 servings of fries per minute. Green Truck can produce 8 burgers per minute and 4 servings of fries per minute. (1 point) Which truck has a comparative advantage in producing hamburgers? Why? (1 point) Which truck has a comparative advantage in producing fries? Why? (1 point) Without being able to trade how many combos can the Red Truck produce? (1 point) Without being able to trade how many combos can the Green Truck produce? (1 point) Is there a trade that will make each of the trucks better off? If a trade that would make each of them better off exists, describe such a trade. If there is not a trade that EDP-PF?!\" would make each of them better off explain why. You might want to also consider having each truck reallocate their time before production and trade. f. (1 point) How much better off is each truck by making the trade you propose? If there is not a trade that would make each of them better off explain why