As an economist,you are asked by the government to calculate demand and supply functions forthe(closed)domesticmarket for headphones.As a result of your research,you come up with the following demand and supply functions:

Q_D= 40,000- 200P

Q_S=-15,000+ 400P

The equilibrium price in this market will be

The equilibrium quantity will be

The consumer surplus in this market will be $.

The producer surplus in this market will be $

Now assume the government opens the market up to international trade.The world price is currently $50.

The quantity of headphones now produced domestically will be.

The quantity of headphones now consumed domestically will be.

The change in total surplus for the economy, relative to the situation before international trade is allowed, will be $