emand for intry is given by f a camera. Supply by domestic camera producers is S = 4000 + 10P. Suppose that worl rice of a camera is $150. If this country decides to trade, which of the following is true? O 3000 cameras will be exported O Domestic production of cameras will decrease by 500 Domestic production of cameras will increase by 500

emand for intry is given by f a camera. Supply by domestic camera producers is S = 4000 + 10P. Suppose that worl rice of a camera is $150. If this country decides to trade, which of the following is true? O 3000 cameras will be exported O Domestic production of cameras will decrease by 500 Domestic production of cameras will increase by 500

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter35: International Trade Restrictions

Section: Chapter Questions

Problem 3E

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Similar questions

Assume two countries, Thailand (T) and Japan (J), have one good: cameras. The demand (d) and supply (s) for cameras In Thailand and Japan is described by the following functions: QsT=-5+14P QsJ=-10+14P QdT=60-P QdJ=80-P P is the price measured in a common currency used in both countries, such as the Thai Baht. Compute the equilibrium price (P) and quantities in each country without trade. Now assume that free trade occurs. The free-trade price goes to 56.36 Baht. Who exports and Imports cameras and in what quantities?
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