Read Eye on Globalization in the eText or click the icon 0 to open a copy Now work the following exercise: In the left graph, show the U.S. price of an iPad and the quantity bought by US. consumers with no intematicnal trade. Label the point 1. Now show how US consumers gain from trade with China. Label the point 2' In the right graph, show the price of an iPad and the quantity produced in China with no international trade. Label the point 3. Now show why Chinese workers gain from trade with the United States. Label the point 4, U.S. Market for iPads Q China's Market for iPads 0' Price (dollars per iPad) Price (dollars per iPad) 1400 1320 S Q 1200 9 Q 1200 1080 IZ' 960- '3' 1000 840 720 orld 800 w Id 600 ET or rice 600 . 480 7 price 360 400 240 D 120 200 0 my 0 1D 20 30 40 0 5 10 15 20 25 30 35 40 Quantity of iPads (millions per year) Quantity of iPads (millions per year) The supply of roses in the United States is made up of U.S. grown roses and imported roses. With no international trade, the price is $30 a bouquet and 300,000 bouquets a year are produced, The graph shows the U.S. market for roses when the U.S. government puts an import quota on roses. What is the consumer surplus that is redistributed to producers and importers, and what is the deadweight loss created by the import quota? The U.S. consumer surplus that is redistributed to U.S. producers and importers is and the import quota creates a deadweight loss equal to (:2 A. area B + C + F; area D (:7 B. area B; area D + E (A) C. area B; area D (A) D. area B; area 0 + E (\"J E. areaB+ C+ D +E; zero Price (dollars per bouquet) l 0 100 200 300 400 500 600 Quantity (thousands of bouquets per month) IZ