All questions are based on the following three panel diagram. A. The U.S. B. International Motorblke Market Motorbike Market 2. Calculate the change in consumer surplus and change in producer surplus in the exporting country after trade started to happen. (6 points) 3. What is the change in total global welfare due to trade? ( 2 points) 4. Consider the above figure, which shows free trade in motorbikes. Assume that consumers in US shift their tastes in favor of motorbikes. What is the effect on excess demand curve? What is the effect on the equilibrium international price and trading quantity? (3 points) 5. Consider again the above figure, which shows free trade in motorbikes. Assume that US productivity in producing motorbikes increases. What is the effect on excess demand curve? What is the effect on the equilibrium international price and trading quantity? (3 points) All questions are based on the following three panel diagram. A. The U.S. B. International Motorblke Market Motorbike Market 2. Calculate the change in consumer surplus and change in producer surplus in the exporting country after trade started to happen. (6 points) 3. What is the change in total global welfare due to trade? ( 2 points) 4. Consider the above figure, which shows free trade in motorbikes. Assume that consumers in US shift their tastes in favor of motorbikes. What is the effect on excess demand curve? What is the effect on the equilibrium international price and trading quantity? (3 points) 5. Consider again the above figure, which shows free trade in motorbikes. Assume that US productivity in producing motorbikes increases. What is the effect on excess demand curve? What is the effect on the equilibrium international price and trading quantity? (3 points)