Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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(6) Consider two countries: Fineland and Sineland, producing two goods:
mobiles and iPods, under perfectly competitive market conditions. Fineland
exports mobiles and imports iPods. Sineland exports iPods and import
mobiles. Assuming well-behaved offer curves for both the countries, illustrate
with help of a neatly labeled diagram, as to what would happen if there is
sudden fall in the supply of iPods by Sineland?
(6
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