With free trade suppose that the rest of the world can supply computers to Norway at a price of $1,500 Norway’s imports will now equal. Compared to What occurred in the absence of trade, Norway’s consumers surplus will _____ and its producer surplus will ____. Can you calculate these amounts? Try plotting the information of this table on a sheet of graph paper ?
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Answer:
With free trade suppose that the rest of the world can supply computers to Norway at a price of $1,500 Norway’s imports will now equal. Compared to What occurred in the absence of trade, Norway’s consumers surplus will 1,600 computers, increase, decrease and its producer surplus will 1,600 computers, increase, decrease. Can you calculate these amounts? Try plotting the information of this table on a sheet of graph paper .
