Required information Below is the total market demand and supply of wine for France and Germany. Quantities are in millions of litres per month. France Germany Total Market Price Quantity Quantity Quantity Quantity Quantity Quantity (per litre) Demanded Supplied Demanded Supplied Demanded Supplied 12 11 10 $424 519 615 712 810 99 13 14 15 2 4 16 15 17 18 7 fer to the information above to answer this question. Assuming no trade, what are the equilibrium price and quantity of wine in Germany?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Required information
Below is the total market demand and supply of wine for France and Germany. Quantities are in millions of litres per
month.
Germany
PriceQuantity Quantity Quantity Quantity Quantity Quantity
(per litre) Demanded Supplied DemandedSupplied Demanded Supplied
France
Total Market
$424
519
13
14
12
11
10
15
4
615
712
16
15
17
18
8
16
810
99
Refer to the information above to answer this question. Assuming no trade, what are the equilibrium price and quantity of wine in Germany?
Transcribed Image Text:Required information Below is the total market demand and supply of wine for France and Germany. Quantities are in millions of litres per month. Germany PriceQuantity Quantity Quantity Quantity Quantity Quantity (per litre) Demanded Supplied DemandedSupplied Demanded Supplied France Total Market $424 519 13 14 12 11 10 15 4 615 712 16 15 17 18 8 16 810 99 Refer to the information above to answer this question. Assuming no trade, what are the equilibrium price and quantity of wine in Germany?
France
Germany
Total Market
PriceQuantity
Quantity Quantity Quantity Quantity Quantity
(per litre) Demanded Supplied DemandedSupplied Demanded Supplied
12
11
10
19
8
17
$424
519
615
712
810
99
13
12
14
15
4
16
17
15
6
18
17
Refer to the information above to answer this question. Assume that France and Germany enter into a free trade agreement (and there are no extra transportation
costs, etc.) what are the equilibrium price and quantity of wine?
Transcribed Image Text:France Germany Total Market PriceQuantity Quantity Quantity Quantity Quantity Quantity (per litre) Demanded Supplied DemandedSupplied Demanded Supplied 12 11 10 19 8 17 $424 519 615 712 810 99 13 12 14 15 4 16 17 15 6 18 17 Refer to the information above to answer this question. Assume that France and Germany enter into a free trade agreement (and there are no extra transportation costs, etc.) what are the equilibrium price and quantity of wine?
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