Illustrate what is total gain or loss from trade for country

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Reference no: EM1364574

Suppose without trade, country A produces and consumes 100 units of widgets at a price of $10 each. If trade is allowed, this country finds that it can purchase widget from country B at a price of $8. At this price 150 units are demanded and only 80 units are produced in country A. (thus 70 widgets are imported by country A). What is the total gain or loss from trade for country A?

Reference no: EM1364574

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