Question 1 Below, you are provided with the domestic demand and supply curves for palm trees. Use this diagram to answer all parts of this question. @ E 51400 51200 51000 3300 3600 5400 3200 20 100 150 200 250 300 350 Quantity of Palm Tiees Part (i]: Suppose that the world price of a palm tree is 5800 (i.e., that American sellers can sell an unlimited number of palm trees for 5800 each, and that American consumers can purchase an unlimited number of palm trees for $800 each). How many palm trees will American consumers purchase? Part (ii): Suppose that the world price of a palm tree is 5300. How many palm trees will American sellers sell? How many palm trees will the United States export? Part {iif): Suppose that the world price of a palm tree is $1,000 (i.e., that American sellers can sell an unlimited number of palm trees for 51,000 each, and that American consumers can purchase an unlimited number of palm trees for 51,000 each). How many palm trees will American consumers purchase? Part (iv): Suppose that the world price of a palm tree is $1,000. How many palm trees will American sellers sell? How many palm trees will the United States export? Part (v): If a country currently exports a good or service, and the world price of that good or service rises, what is the effect on: 1) domestic production, 2) domestic consumption, and 3) the quantity of exports