Consider the following information about a countrys imports, consumption, and production of T-shirts following the removal of the Multi Fibre Arrangement (MFA) quota:

	With MFA	Without MFA (Free Trade)
World price ($/shirt)	4.00	4.00
Domestic price ($/shirt)	5.00	4.00
Domestic consumption (million shirts/year)	300	350
Domestic production (million shirts/year)	250	200
Imports (million shirts/year)	50	150

1. Calculate the gain in consumer surplus from the removal of the quota.

2. Calculate the loss in producer surplus from the removal of the quota.

3. Calculate the quota rents that were earned under the quota.

4. Determine how much the country has gained from the removal of the quota (Hint: your answer depends on how quota rent is allocated).