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d price of rice is $1.25 per kilogram. Quantity demanded (millions kg) 2,100 2,150 2,200 2,250 2,300 2,350 2,400 2,450 2,500 2,550 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 (S/kg) 3.50 3.25 3.00 2.75 2.50 1.25 1.00 0.75 0.50 0.25

d price of rice is $1.25 per kilogram. Quantity demanded (millions kg) 2,100 2,150 2,200 2,250 2,300 2,350 2,400 2,450 2,500 2,550 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 (S/kg) 3.50 3.25 3.00 2.75 2.50 1.25 1.00 0.75 0.50 0.25

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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a. Under autarky, the domestic price of rice in Thailand is $ ____ per kg. 

b. The quantity sold domestically is ____ million kg. 

c. If Thailand opens up to trade, the new price of rice domestically will be $ _____. 

d. Will Thailand be an exporter or importer of rice? Or both? Why? 

Parte E: Attached in the second image. 

With trade, million kg of rice will be bought/sold domestically in Thailand. million kg of rice will be (either either "imported" or "exported").
Transcribed Image Text:With trade, million kg of rice will be bought/sold domestically in Thailand. million kg of rice will be (either either "imported" or "exported").
The table below shows the domestic supply and demand schedule for rice in Thailand. The world price of rice is $1.25 per kilogram. Quantity demanded (millions kg) 2,100 Quantity supplied (millions kg) 3,300 3,200 3,100 3,000 2,900 Price of rice ($/kg) 3.50 2,150 2,200 3.25 3.00 2.75 2,250 2,300 2.50 1.25 2,350 2,400 2,450 2,500 2,550 2,800 2,700 2,600 2,500 2,400 1.00 0.75 0.50 0.25
Transcribed Image Text:The table below shows the domestic supply and demand schedule for rice in Thailand. The world price of rice is $1.25 per kilogram. Quantity demanded (millions kg) 2,100 Quantity supplied (millions kg) 3,300 3,200 3,100 3,000 2,900 Price of rice ($/kg) 3.50 2,150 2,200 3.25 3.00 2.75 2,250 2,300 2.50 1.25 2,350 2,400 2,450 2,500 2,550 2,800 2,700 2,600 2,500 2,400 1.00 0.75 0.50 0.25
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