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4 . Welfare effects of free trade in an importing country Consider the New Zealand market for lemons. The following graph shows the domestic demand and domestic supply curves for lemons in New Zealand. Suppose New Zealand's government currently does not allow international trade in lemons. Use the black point (plus symbol) to indicate the equilibrium price of a tonne of lemons and the equilibrium quantity of lemons in New Zealand in the absence of international trade. Then, use the green point (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use the purple point (diamond symbol) to shade the area representing producer surplus in equilibrium. Note: Select and drag a fill area point from the palette to the graph. To fill in regions on the graph, merely drop the fill area point on the desired region. 1440 Domestic Demand Domestic Supply 1360 1280 No Trade Equilibrium 1200 A 120 Consumer Surplus 1040 PRICE (Dollars per tonne) Producer Surplus 720 640 50 100 150 200 250 300 350 400 450 500 QUANTITY (Thousands of tonnes of lemons) Based on the previous graph, total surplus in the absence of international trade is |$ million. (Hint: Take note of the units on the axes of the graph.) The following graph shows the same domestic demand and supply curves for lemons in New Zealand presented in the previous graph. Suppose that the New Zealand government changes its international trade policy to allow free trade in lemons. The horizontal black line (Pw) represents the world price of lemons at $800 per tonne. Assume that New Zealand's entry into the world market for lemons has no effect on the world price and that there are no transportation or transaction costs associated with international trade in lemons. Also assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Use the green points (triangle symbols) to shade consumer surplus, and then use the purple points (diamond symbols) to shade producer surplus. (Note: Select and drag shaded regions from the palette to the graph. To resize the shaded regions, select one of the points and move it to the desired position.) ? 1440 Domestic Demand Domestic Supply 1360 1280 Consumer Surplus 1200 1120 Producer Surplus 1040 PRICE (Dollars pertonne) 960 World Price 720 640 100 150 200 250 300 350 400 450 500 QUANTITY (Thousands of tonnes of lemons) When New Zealand allows free trade in lemons, the price of a tonne of lemons in New Zealand will be $800. At this price, the quantity of lemons demanded by New Zealand consumers will be | tonnes , and the quantity of lemons supplied by domestic producers will be tonnes. Therefore, New Zealand will import tonnes of lemons. Using the information from the previous tasks, complete the following table to analyze the welfare effect of allowing free trade. (Hint: Be sure to enter consumer and producer surplus in millions of dollars. Take note of the units on the graph.) Without Free Trade With Free Trade (Millions of dollars) (Millions of dollars) Consumer Surplus 500 Producer Surplus 500 When New Zealand allows free trade, the country's consumer surplus by $ million, and producer surplus by $ million. So, the net effect of international trade on New Zealand's total surplus is a * of $ million