Answered: Two products: X and Y Two nations in…

Two products: X and Y Two nations in the world: nation 1 and nation 2 International price: P=IY/X What product does nation 1 export after opening to trade? X OY None Both X and Y

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Two products: X and Y
Two nations in the world: nation 1 and nation 2
International price: P=IY/X
What product does nation 1 export after opening to trade?
OX
Y
None
Both X and Y

100
80
60
40
20
0 10
A
Nation 1
C
E
I
30 50 70
P=021/X
B
90 110
140
130 150
120
100
80
60
40
20
Pa=1/x
0
Y
C'
B'
20 40
Nation 2
60
80
A'
E'
Ih
Pg1Y/X
p=3Y/X₁
100
120 X

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