The country of 'Away' has a market for widgets described by Qd = 12 - P and Qs = P. In autarky, the equilibrium price of widgets is $6. The world price is $10 per widget. Away has decided to open their market to international trade. 1. Home will ______ widgets. 2. Domestic production of widgets will be _______ 3. Domestic consumption of widgets will be __________ 4. Imports/Exports will be ___________ The country of 'Home' has a market for widgets described by Qd = 16 - P and Qs = P - 4. In autarky, the equilibrium price of widgets is $10. The world price is $8 per widget. Home has decided to open their market to international trade. 1. Home will ______ widgets. 2. Domestic production of widgets will be _________ 3. Domestic consumption of widgets will be __________ 4. Imports/Exports will be __________ The country of 'Away' has a market for widgets described by Qd = 12 - P and Qs = P. What is the Consumer Surplus in Away at a price of $9? Do not enter a $ in your answer. Hint: 1/2 base times height!
The country of 'Away' has a market for widgets described by Qd = 12 - P and Qs = P. In autarky, the
The world price is $10 per widget. Away has decided to open their market to international trade.
1. Home will ______ widgets.
2. Domestic production of widgets will be _______
3. Domestic consumption of widgets will be __________
4. Imports/Exports will be ___________
The country of 'Home' has a market for widgets described by Qd = 16 - P and Qs = P - 4. In autarky, the equilibrium price of widgets is $10.
The world price is $8 per widget. Home has decided to open their market to international trade.
1. Home will ______ widgets.
2. Domestic production of widgets will be _________
3. Domestic consumption of widgets will be __________
4. Imports/Exports will be __________
The country of 'Away' has a market for widgets described by Qd = 12 - P and Qs = P.
What is the
Do not enter a $ in your answer.
Hint: 1/2 base times height!
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