5 n 6

Below is a competitive domestic market open to international trade. 62 S Price (millions of dollars per unit) World Price 14 D 100 180 260 340 420 500 580 660 Quantity (units per year) 3a. At the world price, will the domestic country import or export the good?_ 3b. How many units will be consumed by domestic consumers? 3c. How many units will be supplied by domestic producers? 3d. How many units will be traded internationally (i.e. imported or exported)? 3e. Which group (if any) is worse off as a result of the country opening up to trade? i.e. experienced a reduction in surplus). _ 3f. By how much did total surplus increase per year as a result of trade? Blank # 1 export Blank # 2 260 units A/ Blank # 3 420 units A/ Blank # 4 160 units Blank # 5 Blank # 6