The market for pencils has a domestic demand equation P = 20-0.5Q, and a domestic supply equation P = 5 + Q, where quantity is measured in thousands. The world supply equation for pencils is Pw = 10. At the world price of 10, the domestic market will demand 20 thousand pencils. Fill in the blanks: 10 x thousand pencils will be produced domestically 0 x thousand pencils will be imported

The market for pencils has a domestic demand equation P = 20-0.5Q, and a domestic supply equation P = 5 + Q, where quantity is measured in thousands. The world supply equation for pencils is Pw = 10. At the world price of 10, the domestic market will demand 20 thousand pencils. Fill in the blanks: 10 x thousand pencils will be produced domestically 0 x thousand pencils will be imported

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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