Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter33: International Trade
Section: Chapter Questions
Problem 6QP
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Question
5
![Demand in a domestic market is represented by the curve P = 100 - 0.5Q. Supply is represented by P = 10 + Q. The world price is 90. If this country opens the market to trade what will the gains from trade be?
O $600
O $1,200
O $2,400
O $3,600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F228f0f02-2343-4f65-b370-f8719aa73f7a%2F09a3e446-c496-4123-be29-1b28d3a47af4%2F7szpk6s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Demand in a domestic market is represented by the curve P = 100 - 0.5Q. Supply is represented by P = 10 + Q. The world price is 90. If this country opens the market to trade what will the gains from trade be?
O $600
O $1,200
O $2,400
O $3,600
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