a. Under autarky, the domestic price of rice is _____ million kg. The quantity sold domestically is _____ million kg. b. If Thailand opens up to trade, the new price of rice domestically will be $____ per kg. With trade, _____ million kg of rice will be supplied by Thai producers. ______ million kg rice will be demanded by Thai consumers. c. There will be an _______ (increase, decrease) of rice because the world price is _______. d. With trade, ______ million kg of rice will be bought/sold domestically in Thailand. ______ million kg of rice will be _______ (imported,exported).
Please answer all parts a-d on the question based on the attached picture.
a. Under autarky, the domestic
The quantity sold domestically is _____ million kg.
b.
If Thailand opens up to trade, the new price of rice domestically will be $____ per kg.
With trade, _____ million kg of rice will be supplied by Thai producers.
______ million kg rice will be demanded by Thai consumers.
c. There will be an _______ (increase, decrease) of rice because the world price is _______.
d.
With trade, ______ million kg of rice will be bought/sold domestically in Thailand.
______ million kg of rice will be _______ (imported,exported).
![Problem 1
The table below shows the domestic supply and demand schedule for rice in Thailand. The
world price of rice is $1.25 per kilogram.
Quantity demanded
(millions kg)
2,100
2,150
2,200
Price of rice
Quantity supplied
(millions kg)
3,300
3,200
3,100
3,000
2,900
2,800
2,700
2,600
2,500
2,400
($/kg)
3.50
3.25
3.00
2.75
2,250
2,300
2,350
2,400
2,450
2,500
2,550
2.50
1.25
1.00
0.75
0.50
0.25](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc777eb6c-5f00-442c-a5ae-30c50b2299ca%2F4e4e524f-c735-4a24-b9a7-df158813319b%2F99w4omt_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Quantity demanded is the total quantity that the consumer is ready to purchase at different prices.
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