Belgium is a small country which produces and consumes gooseberries. The quantity demand of gooseberries is Qd= 120-4P, and quantity supply is Qs= 2P in Belgium. If world price of gooseberries is Rs 15 then Belgium will export or import gooseberries and by how much?
Belgium is a small country which produces and consumes gooseberries. The quantity demand of gooseberries is Qd= 120-4P, and quantity supply is Qs= 2P in Belgium. If world price of gooseberries is Rs 15 then Belgium will export or import gooseberries and by how much?
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter34: Globalization And Protectionism
Section: Chapter Questions
Problem 1SCQ: Explain how a tariff reduction causes an Increase in the equilibrium quantity of imports and a...
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Belgium is a small country which produces and consumes
gooseberries. The quantity demand of gooseberries is Qd= 120-4P, and
quantity supply is Qs= 2P in Belgium. If world price of gooseberries is
Rs 15 then Belgium will export or import gooseberries and by how
much?
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