What are the levels of domestic production domestic, Ask an Expert

Economics

Suppose that the domestic demand and supply for scarves in a small open economy are given by

P = 150 - 3Q (demand)
P = 6 + Q (supply)

What are the levels of domestic production, domestic consumption, and quantity imported if the world price is $12? Show your calculations.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M968631

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