Homework Answers
Ans: An increase of $3,000
Explanation:
Before free trade: Total welfare = [($150 - $10) * 200] / 2 = $14,000
After free trade: Total welfare = [[($150 - $40) * 280] / 2] + [[($40 - $10) * 100] / 2]
= 15400 + 1,500 = $16,900
Nrt welfare effect = 16,900 - 14000 = increase 2,900
The answer will be An increase of $3,000 (it is nearer to 2,900)
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