Guatemala represents a small part of the world poultry market. Based on Figure 17P-2, answer the following.
b. Assume that the world price of poultry is $0.30/kg. If Guatemala opens to trade, what is the domestic quantity consumed and produced? What is the quantity of imports?
c. Calculate the post-trade producer and consumer surplus. Who is better off after trade?
This question was answered on: Jul 11, 2017
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