The demand function for smart phones in a nation is Q=800-5P while the supply functions is Q=-10+5P. Suppose the world price for a smart phone is $100 and the nations begin to trade with oth a. Determine the quantity imported or exported. b. Determine the consumer surplus before and after trade. C. Determine the producer surplus before and after trade. d. Determine the net gain or loss from trade.

The demand function for smart phones in a nation is Q=800-5P while the supply functions is Q=-10+5P. Suppose the world price for a smart phone is $100 and the nations begin to trade with oth a. Determine the quantity imported or exported. b. Determine the consumer surplus before and after trade. C. Determine the producer surplus before and after trade. d. Determine the net gain or loss from trade.

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 3CQQ

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