C + > ng.cengage.com Member Dashboard R Login Page | ReExa... Course Hero G The following grap... c The following grap... U Mind Tap Resource.. U MindTap Resource... MindTap - Cengag... CENGAGE MINDTAP Q Search this course ? X Homework (Ch 09) 1. Welfare effects of free trade in an exporting country Consider the Colombian market for soybeans. The following graph shows the domestic demand and domestic supply curves for soybeans in Colombia. Suppose Colombia's government currently A-Z does not allow international trade in soybeans. Use the black point (plus symbol) to indicate the equilibrium price of a ton of soybeans and the equilibrium quantity of soybeans in Colombia in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use the purple triangle (diamond symbol) to shade the area representing producer surplus in equilibrium. ? 450 Domestic Demand Domestic Supply -+ bongo 425 Equilibrium without Trade 400 375 350 Consumer Surplus 325 PRICE (Dollars per ton) A+ 300 Producer Surplus 275 250 225 200 10 20 30 40 50 70 80 90 100 QUANTITY (Tons of soybeans)V ng.cengage.com C + Member Dashboard R Login Page | ReExa.. Course Hero G The following grap... c The following grap... U Mind Tap Resource.. U MindTap Resource... MindTap - Cengag... CENGAGE MINDTAP Q Search this course ? Homework (Ch 09) X PRICE (Doll 300 275 250 A-Z 225 200 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Tons of soybeans When Colombia allows free trade of soybeans, the price of a ton of soybeans in Colombia will be $350. At this price, tons of ? soybeans will be demanded in Colombia, and tons will be supplied by domestic suppliers. Therefore, Colombia will export tons of soybeans. bongo Using the information from the previous tasks, complete the following table to analyze the welfare effect of allowing free trade. Without Free Trade With Free Trade (Dollars) (Dollars) Consumer Surplus A+ Producer Surplus When Colombia allows free trade, the country's consumer surplus by $ , and producer surplus by $ So, the net effect of international trade on Colombia's total surplus is a of $ Grade It Now Save & Continue Continue without saving