2. For Foreign a. Find the Foreign Autarkic equilibrium: PS Global Partial Equilibeium Name The following is a stripped down partial oquilibrium model of two countries (Domestic, D. and Foreign. F) peoducing a single good, X. The model assumes a perfectly competitive environment for the good in both countries. You are given the demand and supply functions for ceach country. Solve for all of the following. CS'y- Foreign: Q-72-3P Domestic PSY- Qu-422 Q.D2+2 wy- In Autarky (no international trade), find the oquilibrium price (P). quantity (Q). point price elasticities of demand and supply. Consumer Surplas (CS), Producer Surplus (PS) and Welfare (W) in each country 1. For Domestie . On the graph below, accurately draw and fully label the axes, demand, supply and equilibeium for the Foreign market. a Find the Domestic Autarkic equilihrium Foreign in Autarky S28 Cs's- S24 PS'- S20 S16 . On the graph below, accurately draw and fully label the axes, Demand, Supply and equilibrium Price and Quantity for the Domestic market. S12 S8 Domestic in Autarky S28 S4 $24 24 32 48 56 Quantity S20 Find the Excess Demand and Supply curves for Domestic and Foreign. S16 S12 54 On the graph below, accurately draw and fully label the axes, excess demands, excess supplies, equilibrium trade volume and equilibrium price in the global market. S0 12 16 20 24 28 32 36 40 44 48 Quantity

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