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please answer Consider the market for t-shirts in Neverland. The domestic market demand and market supply curves are given by the following equations where P

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Consider the market for t-shirts in Neverland. The domestic market demand and market supply curves are given by the following equations where P is the price and Q is the quantity: Qd=3o-1/3P Q5=P1O The graph is illustrated below: 1. Given the above information, nd the equilibrium price (P) and quantity (Q) in this market if this market is closed to international trade. Calculate the value of consumer surplus and producer surplus. 2. Suppose that now Neverland enters the international market for t-shirts. where one t-shirt costs $15. Given the free trade in the international market. nd the quantity that is sold by domestic producers and the quantity that is imported or exported in the Neverland's market of tshirt. Calculate the new values of consumer surplus and producer surplus

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