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ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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100 units
350 units
50 units
250 units
Transcribed Image Text:100 units 350 units 50 units 250 units
Country X
Price
Odd
Osd
$ 5.00
200
400
4.00
250
350
3.00
300
300
2.00
350
250
1.00
400
200
The accompanying table gives data for Country X. Column 1 of the table is the price of a product. Column 2 is the quantity demanded
domestically (Qdd, and Column 3 is the quantity supplied domestically (Qsd. If Country X opens itself up to international trade, how much
will the country import if the world price is $2.00?
Transcribed Image Text:Country X Price Odd Osd $ 5.00 200 400 4.00 250 350 3.00 300 300 2.00 350 250 1.00 400 200 The accompanying table gives data for Country X. Column 1 of the table is the price of a product. Column 2 is the quantity demanded domestically (Qdd, and Column 3 is the quantity supplied domestically (Qsd. If Country X opens itself up to international trade, how much will the country import if the world price is $2.00?
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