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Explain how derive the free trade world price. explain how social surplus in each country changes as we move to free trade.Give the details and

  1. Explain how derive the free trade world price.
  2. explain howsocial surplusin each country changes as we move to free trade.Give the details and the intuition.
  3. What do we mean by theTerms of Trade(ToT)and why does an improvement (rise) in the ToT imply a rise in social surplus?
  4. Explain how Home's import tariff affects surpluses in HOME and in FOREIGN.Give the details

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