What is the value of utility at the equilibrium in (3)? Show solutions. [5 points] [20 points] Suppose the international price of good X is Px=712. This means that for every unit of good X, imported, the importing nation must pay 712 units of Y. [i.e. Y=712X]. If Nation 2 is to enter trade. In what good will it specialize? Why? Answer in up to 5 sentences only. [5 points] If Nation 2 is to specialize in the good of its comparative advantage, how much good X and good Y will Nation 2 produce? [5 points] Suppose after specialization, Nation 2 exports 100 units of the good of its comparative advantage [your answer in 5a], how much of X and Y will it consumer after trade? [5 points] Will Nation 2 enjoy welfare gains from trade? Provide evidence/proof