(Answered) Question suppose that the world price of steel is 100 a

Economics

Question: Suppose that the world price of steel is $100 a tonne, India does not trade internationally, and the equilibrium price of steel in India is $60 a tonne. India then begins to trade internationally.

a. How does the price of steel in India change?

b. How does the quantity of steel produced in India change?

c. How does the quantity of steel bought by India change?

d. Does India export or import steel and why?

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