Assume that the domestic market (USA) for steel can be represented by the following demand and supply equations:Demand: P =450 - 0.5QDSupply: P = 150 + Qs A) What is the autarky price for steel? How much quantity is supplied and consumed domestically at this price?

In autarky there is no international trade as the country's economy is self sufficient.

Answered: and: P = 450 – 0.5QD ly: P = 150 + Qs

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Economics

and: P = 450 – 0.5QD ly: P = 150 + Qs

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

Assume that the domestic market (USA) for steel can be represented by the following demand and supply equations:
Demand: P =
450 - 0.5QD
Supply: P = 150 + Qs

A) What is the autarky price for steel? How much quantity is supplied and consumed domestically at this price?

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