Problem
Draw a graph of the market for corn in the poor developing country in Problem 15(b) to show the changes in consumer surplus, producer surplus, and deadweight loss that arise.
Problem 15(b)
b. How does the change in the world price of corn affect the quantity of corn produced in a poor developing country with a comparative advantage in producing corn, the quantity it consumes, and the quantity that it either exports or imports?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.