Demand: P = 15 Q Marginal Revenue: MR = 15 211;! Total Cost: It? = 3 + Q + 0.5.1? Marginal Cost: MC: 3 + Q where Q is quantityI and P is the price measured in Wilmamian dollars. The monopolist producesl:| soccer balls and sells them at a price of- each. The monopolist's profit is in this case. One day, the King of Wilcnam decrees that henceforth there will be free tradeeither imports or exportso1c soccer balls at the world price of $10. The rm is now a price taker in a competitive market. The domestic production of soccer balls. will 'V to: soccer balls, and domestic consumption will '7 to |:|soccer l:Ia||s. Therefore, lu'u'ilcnam will V' soccer balls in this case. In the analysis of international trade in Chapter 9, a country becomes an exporter when the price without trade is below the world price and an importer when the price without trade is above the world price. In this caser the price without trade is 1" than the world price, and the country is an 1" . This is because the claim made in Chapter 9 assumed the domestic market was T . Suppose that the world price was not $10 but, instead, happened to be exactly the same as the domestic, monopolistic price without trade. Allowing trade in this case would result in the country '7 soccer balls