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Show in both a general equilibrium diagram and in a partial equilibrium diagram how production and consumption being allowed to differ can improve welfare. You

Show in both a general equilibrium diagram and in a partial equilibrium diagram how production and consumption being allowed to differ can improve welfare. You can assume that world prices of goods are given. Show in general or partial equilibrium any situation where free trade will not improve welfare. Again, assume the world prices of goods are given, and that there are no externalities.

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