Suppose supply is given by P = 2Q and demand is given by P = 1000 – 2Q. What will happen in this economy if the world price is 600?An export of 100 unitsAn export of 200 unitsAn import of 100 unitsAn import of 200 units

Supply : P=2Q Demand : P=1000-2Q Equilibrium price : Demand=Supply 2Q=1000-2Q 4Q=1000 Q=250 P=500…

Suppose supply is given by P = 2Q and demand is given by P = 1000 – 2Q. What will happen in this economy if the world price is 60 An export of 100 units An export of 200 units An import of 100 units An import of 200 units

Suppose supply is given by P = 2Q and demand is given by P = 1000 – 2Q. What will happen in this economy if the world price is 60 An export of 100 units An export of 200 units An import of 100 units An import of 200 units

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter20: International Trade

Section: Chapter Questions

Problem 7QP

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Suppose supply is given by P = 2Q and demand is given by P = 1000 – 2Q. What will happen in this economy if the world price is 600?
An export of 100 units
An export of 200 units
An import of 100 units
An import of 200 units

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