Consider the following data detailing the situation for Mac Land before and after it forms an FTA
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Consider the following data detailing the situation for Mac Land before and after it forms an FTA with Mex Land: Pre FTA Imports from Europe 110 million units Imports from Mex land 0 units. Post FTA Imports from Eur land 0 Imports from Mex land 280 million units How much trade was diverted by this agreement? How much trade was created? Suppose that Europe charges \($6\) for this product and Mex land charges \($7.\) Suppose that Mac land’s original tariff was \($2\) per unit. Calculate the welfare gain or loss to Mac land from forming this FTA.
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