Russia trades chocolate with France, where it is a staple. The government of Russia places a price floor on their market for chocolate (assume that it is binding). They buy the surplus of 4 units from the producers and sell it in France. Refer to the graph to determine what happens when the government then sells the excess on the world market (to France). What should the government of Russia charge in order to sell four units of chocolate in France? Round your answer to the nearest whole number. $ Price $10 9 8 7 6 5 4 3 2 1 Market for chocolate in France 0 1 2 3 4 5 6 7 Supply Demand 8 9 Quantity 10

Russia trades chocolate with France, where it is a staple. The government of Russia places a price floor on their market for chocolate (assume that it is binding). They buy the surplus of 4 units from the producers and sell it in France. Refer to the graph to determine what happens when the government then sells the excess on the world market (to France). What should the government of Russia charge in order to sell four units of chocolate in France? Round your answer to the nearest whole number. $ Price $10 9 8 7 6 5 4 3 2 1 Market for chocolate in France 0 1 2 3 4 5 6 7 Supply Demand 8 9 Quantity 10

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 6PA

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