12 May DO BOTH COUNTRIES GAIN FROM TRADE IN SUGAR?
2. Draw a conventional supply and demand diagram to illustrate the gains from trade between two countries for a particular commodity (say, sugar). Be sure to label your axes and curves and relevant areas on the diagram clearly and carefully. In the light of your diagram, answer the following questions: a. Which country has a comparative advantage in sugar? b. Do both countries gain from trade in sugar? c. Does anyone in either country lose from trade in sugar? d. Name two real-world factors that influence potential gains from trade in sugar that have not been included in your model?3. Draw a supply and demand diagram to illustrate the economic consequences of the U.S. tobacco policy as it existed prior to 2004. For the purposes of the question assume a freely transferable output quota, which was given to producers by the government. Show the effects of eliminating the policy on quantity produced, consumed, and traded. Show the sign and size of the effects on welfare of producers, consumers, taxpayers, and foreigners in terms of areas on your figure.
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