elves live inn Rivendell. Elves in Rivendell are expert jewelry makers. In the perfectly competitive market for jewelry in Rivendell, the demand and supply are given by QD = 10– 2P QS = 5P Jewelry made in Rivendell is also desired by humans who live in the world outside Rivendell. Jewelry can be sold to those humans in a perfectly competitive world market where Pw = 2. Jewelry can be traded within Rivendell and in the world outside.   a) What will be the price at which trade of jewelry occurs? What quantity will be sold to elves in Rivendell and what quantity will be exported

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