16. Suppose the domestic demand and supply for T-shirt are as follows: Demand: P = 100-Q Supply: P = 4 + 3Q Assume that the world price is R50 Suppose the country open its borders to trade, calculate the value of imports (Hint: It will be best if you draw a figure on a piece of paper). (Round off to the second decimal place.)

16. Suppose the domestic demand and supply for T-shirt are as follows: Demand: P = 100-Q Supply: P = 4 + 3Q Assume that the world price is R50 Suppose the country open its borders to trade, calculate the value of imports (Hint: It will be best if you draw a figure on a piece of paper). (Round off to the second decimal place.)

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter19: International Trade

Section: Chapter Questions

Problem 2.5P

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