In October 2018 Canada agree to open the dairy market to US producers as part of the new NAFTA agreement (USMCA). Use the following information to find the price and the number of firms in each country's market, and the price and number of firms in the aggregate market. Demand function For country i (i =USA or Canada) P, = 6000 + Cost Function C, = 1, 000, 000 + 6000 * * For country i (i =USA or Canada) %3D Market size • Market size Canada Scananda = 1, 000, 000 %3D Market size USA SySA 4, 000, 000 The number of firms in Canada is equal to: Answer: Price in USA is equal to Answer: Number of firms in the integrated market is equal to: Answer: Price in the integrated market is equal to Answer:

In October 2018 Canada agree to open the dairy market to US producers as part of the new NAFTA agreement (USMCA). Use the following information to find the price and the number of firms in each country's market, and the price and number of firms in the aggregate market. Demand function For country i (i =USA or Canada) P, = 6000 + Cost Function C, = 1, 000, 000 + 6000 * * For country i (i =USA or Canada) %3D Market size • Market size Canada Scananda = 1, 000, 000 %3D Market size USA SySA 4, 000, 000 The number of firms in Canada is equal to: Answer: Price in USA is equal to Answer: Number of firms in the integrated market is equal to: Answer: Price in the integrated market is equal to Answer:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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