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Using supply and demand, analyze the welfare effects for each of the following cases.

Using supply and demand, analyze the welfare effects for each of the following cases. Be sure to clearly show the change in Consumer Surplus, Producer Surplus, Government surplus (if any) and deadweight loss (if any):

b. A new trade agreement to allow US firms to export corn for the first time in history to Cuba. (Hint: what are you assuming about comparative advantage?)

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