MACROECONOMICS(LL)W/SAPLING
5th Edition
ISBN: 9781319198404
Author: KRUGMAN
Publisher: MAC HIGHER
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Chapter 5, Problem 8P
To determine
Concept Introduction:
Autarky
World Price: It is the equilibrium price at which export demand curve intersects import supply curve. It is equilibrium price with trade.
Domestic Demand Curve: The curve which shows how the quantity demanded by changes due to change in the price when there is no trade. It is negatively sloped curve.
Domestic Supply Curve: The curve which shows how the quantity supplied changes due to change in the price when there is no trade It is positively sloped curve.
Quota: It is the limit on the supply of goods in the economy. Due to quota there is difference between price received by producer and given by consumer known as wedge.
The formula to calculate value of Quota rent is,
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