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The following table presents the demand and supply curves for laptop computers in Japan and the United States. Draw the demand and supply curves for the United States on one diagram and those for Japan on another one. If the United States and Japan do not trade, what are the equilibrium price and quantity in the laptop market in the United States? In Japan? Now suppose trade is opened up between the two countries. What will be the equilibrium price in the world market for laptops? What has happened to the price of laptops in the United States? In Japan? Which country will export laptops? How many? When trade opens, what happens to the quantity of laptop computers produced, and, therefore, employment, in the computer industry in the United States? In Japan? Who benefits and who loses initially from free trade?

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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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Chapter
Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 21.A, Problem 1TY
Textbook Problem
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The following table presents the demand and supply curves for laptop computers in Japan and the United States.

Chapter 21.A, Problem 1TY, The following table presents the demand and supply curves for laptop computers in Japan and the

  1. Draw the demand and supply curves for the United States on one diagram and those for Japan on another one.
  2. If the United States and Japan do not trade, what are the equilibrium price and quantity in the laptop market in the United States? In Japan?
  3. Now suppose trade is opened up between the two countries. What will be the equilibrium price in the world market for laptops? What has happened to the price of laptops in the United States? In Japan?
  4. Which country will export laptops? How many?
  5. When trade opens, what happens to the quantity of laptop computers produced, and, therefore, employment, in the computer industry in the United States? In Japan? Who benefits and who loses initially from free trade?

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