Australia and Canada have a free trade agreement in which, Australia exports beef to Canada.

| December 7, 2018

Australia and Canada have a free trade agreement in which, Australia exports beef to Canada. a. Draw a graph and use it to explain and illustrate the impact of trade on consumers, producers and the Australian economy. b. Now Canada imposes an import quota on Australian beef. Draw a graph and explain how this quota would influence the following factors in Canada: (i) price of beef; (ii) consumer surplus (CS) and producer surplus (PS); (iii) beef importers’ gain; (iv) effici …

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