Suppose that the free trade world price of good y is py 1., Ask an Expert

Economics

In nation 1, the domestic demand for good Y is Dd = 80-10P and the domestic supply for good Y is Sd = 10P. Suppose that the free trade (world) price of good Y is PY = $1. Draw the domestic demand and supply curves for good Y. find out and indicate in the diagram the level of domestic consumption, domestic production and imports of commodity Y at free trade price.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M965102

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