Assume Thailand is an exporter for world petroleum market. Using demand and supply graph (draw a grap), draw the petroleum market in Thailand before and after international trade, assuming the world price for petroleum is above the Thailand petroleum market before open for international trade. Now that Thailand is open for international trade, identify, and show (draw a grap) the change in consumer surplus, producer surplus, and total surplus. Furthermore, provide some explanations for what occurred.
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Assume Thailand is an exporter for world petroleum market. Using demand and supply graph (draw a grap), draw the petroleum market in Thailand before and after international trade, assuming the world price for petroleum is above the Thailand petroleum mark
]Malaysia is an exporter for world petroleum market. Using demand and supply graph, draw(draw a graph) and explain the petroleum market in Malaysia before and after international trade, assuming the world price for petroleum is above the Malaysia petroleum market before open for international trade. Now that Malaysia is open for international trade, identify, and show the change in consumer surplus, producer surplus, and total surplus.
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