**Problem Statement:**Suppose supply is given by $ P = 2Q $ and demand is given by $ P = 1000 - 2Q $. What will happen in this economy if the world price is 600?**Options:**- An export of 100 units- An export of 200 units- An import of 100 units- An import of 200 units

Supply : P=2Q Demand : P=1000-2Q Equilibrium price : Demand=Supply 2Q=1000-2Q 4Q=1000 Q=250 P=500…

Suppose supply is given by P = 2Q and demand is given by P = 1000 – 2Q. What will happen in this economy if the world price is 60 An export of 100 units An export of 200 units An import of 100 units An import of 200 units

Suppose supply is given by P = 2Q and demand is given by P = 1000 – 2Q. What will happen in this economy if the world price is 60 An export of 100 units An export of 200 units An import of 100 units An import of 200 units

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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