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Use the green point (triangle symbol) to shade consumer surplus in Cambodia before China's clothing industry expands. Then use the purple point (diamond symbol) to shade producer surplus. Market for Clothing in Cambodia Domestic Demand Consumer Surplus Domestic Supply World Price Producer Surplus Quantity of Clothing Price of Clothing

Use the green point (triangle symbol) to shade consumer surplus in Cambodia before China's clothing industry expands. Then use the purple point (diamond symbol) to shade producer surplus. Market for Clothing in Cambodia Domestic Demand Consumer Surplus Domestic Supply World Price Producer Surplus Quantity of Clothing Price of Clothing

Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
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ISBN:9781305971509
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter9: Application: International Trade
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Use the green point (triangle symbol) to shade consumer surplus in Cambodia before China's clothing industry expands. Then use the purple point (diamond symbol) to shade producer surplus. Market for Clothing in Cambodia Domestic Demand Consumer Surplus Domestic Supply World Price Producer Surplus Quantity of Clothing Price of Clothing
Transcribed Image Text:Use the green point (triangle symbol) to shade consumer surplus in Cambodia before China's clothing industry expands. Then use the purple point (diamond symbol) to shade producer surplus. Market for Clothing in Cambodia Domestic Demand Consumer Surplus Domestic Supply World Price Producer Surplus Quantity of Clothing Price of Clothing
6. Imports and Exports When China's clothing industry expands, the increase in world supply lowers the world price of clothing. Consider the effects this has on both an importer and an exporter of clothing. Suppose the following graph represents the market for clothing in Cambodia prior to the expansion of China's clothing industry. Cambodia is an of clothing because the world price is v the domestic equilibrium price. Note: You will have to use green points (triangle symbol) and purple points (diamond symbol) to shade the consumer and producer surplus areas on the following graphs. There are two green points and two purple points per graph. Use either one point of both to most accurately indicate the areas. For example, if indicating the consumer surplus requires only one green point, leave the second one on the palette. Use the green point (triangle symbol) to shade consumer surplus in Cambodia before China's clothing industry expands. Then use the purple point (diamond symbol) to shade producer surplus. Market for Clothing in Cambodia Domestic Demand
Transcribed Image Text:6. Imports and Exports When China's clothing industry expands, the increase in world supply lowers the world price of clothing. Consider the effects this has on both an importer and an exporter of clothing. Suppose the following graph represents the market for clothing in Cambodia prior to the expansion of China's clothing industry. Cambodia is an of clothing because the world price is v the domestic equilibrium price. Note: You will have to use green points (triangle symbol) and purple points (diamond symbol) to shade the consumer and producer surplus areas on the following graphs. There are two green points and two purple points per graph. Use either one point of both to most accurately indicate the areas. For example, if indicating the consumer surplus requires only one green point, leave the second one on the palette. Use the green point (triangle symbol) to shade consumer surplus in Cambodia before China's clothing industry expands. Then use the purple point (diamond symbol) to shade producer surplus. Market for Clothing in Cambodia Domestic Demand
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Price of Clothing Market for Clothing in Pakistan Domestic Demand Quantity of Clothing Domestic Supply New World Price A Consumer Surplus Producer Surplus ? Suppose the following graph represents the market of clothing in Denmark prior to the expansion of China's clothing industry. Denmark is an exporter of clothing because the world price is above the domestic equilibrium price.
Transcribed Image Text:Price of Clothing Market for Clothing in Pakistan Domestic Demand Quantity of Clothing Domestic Supply New World Price A Consumer Surplus Producer Surplus ? Suppose the following graph represents the market of clothing in Denmark prior to the expansion of China's clothing industry. Denmark is an exporter of clothing because the world price is above the domestic equilibrium price.
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