Refer to the above partial equilibrium model of trade (large country case). Assume the world price is $5 when reaching free-trade equilibrium. When Japan freely trades with U.S., what is their import amount? (Answer format: only a number is needed, please don't type in anything else.)

Refer to the above partial equilibrium model of trade (large country case). Assume the world price is $5 when reaching free-trade equilibrium. When Japan freely trades with U.S., what is their import amount? (Answer format: only a number is needed, please don't type in anything else.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

(dollars/16)
8=Ps
5-P₁
4 = P₁₂
0.1= Pat
a
b
9
U.S.
beef market
h
Q₁
113
Q₂ G₂
120 125
(dollars/16)
Q
(thousand
tons)
10-P₂
7=P₂
5-R
2-P
k
2
0
P
Japan
beef market
S
/min
Que Q5
74 76
r
(26
86
(thousand
tons
Refer to the above partial equilibrium model of trade (large country case). Assume
the world price is $5 when reaching free-trade equilibrium. When Japan freely trades
with U.S., what is their import amount? (Answer format: only a number is needed,
please don't type in anything else.)

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M1