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The domestic market supply function is Qs = 50 + 5P The domestic demand function is QD = 100 - 5P The world price is 2. Is this country importing or exporting the commodity and how much ?

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

The domestic market supply function is Qs = 50 + 5P
The domestic demand function is QD = 100 - 5P
The world price is 2.
Is this country importing or exporting the commodity
and how much
?

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