1 suppose that the us the demand for phones is given by, Ask an Expert

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1. Suppose that the U.S. the demand for phones is given by P=700-Q that the supply is given by P=200+Q. In Korea suppose the demand is given by P=600-Q and supply is given by P=50 + (Q/2). Please regard phones as a homogenous product. Prices are all in dollar terms.

a. Assuming that there is no trade between countries please find the equilibrium prices and quantities for autos in the U.S. and Korea.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91276020

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