Supply and Demand with International Trade (Old Version)

The video tutorial covers key economic concepts, focusing on quotas and tariffs. It explains consumer and producer surplus before and after international trade, highlighting the changes in surplus and imports. The tutorial discusses the impact of tariffs on consumer and producer surplus, as well as government revenue. It concludes with an exploration of quotas and a summary of the benefits and drawbacks of international trade.

Describe the net gain from trade as mentioned in the text.

What are the implications of a $5 tariff on consumer prices?

What is the impact of quotas on consumer and producer surplus?