$10.99 International Trade Project Quantity supplyFound in Business: General-Business
Chapter 1, # 0
International Trade Project Quantity supply (domestic) Price Quantity demand (domestic) 12 $5 2 10 4 4 7 3 7 4 2 11 1 1 16 a. If this nation were entirely closed to international trade, what are equilibrium price and quantity? b. If this nation were open to international trade, and world price of $1 prevailed, what are price and quantity sold for this product? c. With free trade (no tariff), what are the output produced by domestic and foreign producers respectively? d. with a $1 per unit tariff, what are the price and total quantity sold?