Consider a smail country where the domesbic market for sandals is described by the following demand and supply equations, respectively: P 100-(1/2)Q and P-20 (1/3Q where Prepresents the price of. pair of sandals and Q represents the quantity of sandals. The world price for a pair of sandals is $45. Therefore the gains from trade would be $122.50 S88.75 $135.00 $102.50

Consider a smail country where the domesbic market for sandals is described by the following demand and supply equations, respectively: P 100-(1/2)Q and P-20 (1/3Q where Prepresents the price of. pair of sandals and Q represents the quantity of sandals. The world price for a pair of sandals is $45. Therefore the gains from trade would be $122.50 S88.75 $135.00 $102.50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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