Suppose that a technological advance in Japan lowers the world price of televisions. a. Assume the…

Suppose that a technological advance in Japan lowers the world price of televisions.

a. Assume the U.S. is an importer of televisions and there are no trade restrictions. How does the technological advance affect the welfare of U.S. consumers and U.S. producers? What happens to total surplus in the United States?

b. Now suppose the United States has a quota on television imports. How does the Japanese technological advance affect the welfare of U.S. consumers, U.S. producers, and the holders of import licenses?

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