Assume two countries, Thailand (T) and Japan (J), have one good cameras The demand (d) and supply (s) for cameras in Thailand and Japan is described by the following functions P is the price measured in a common currency used in both countries, such as the Thai Baht a Compute the equilibrium price ...

Lets start by solving part a to find the equilibrium price and quantities in each country without trade a Compute the equilibrium price P and quantiti ...

Assume two countries, Thailand (T) and Japan (J), have one good: cameras. The demand (d) and supply

Question:

Assume two countries, Thailand (T) and Japan (J), have one good: cameras. The demand (d) and supply (s) for cameras in Thailand and Japan is described by the following functions:

QdT Qd = 60 - P 80 - P

Qs = -5+P T Qs || -10 +p

P is the price measured in a common currency used in both countries, such as the Thai Baht.

a. Compute the equilibrium price (P) and quantities (Q) in each country without trade.

b. Now assume that free trade occurs. The free trade price goes to 56.36 Baht. Who exports and imports cameras and in what quantities?

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Principles Of Economics

ISBN: 9781506699868

2nd Edition

Authors: OpenStax

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Question Posted: Nov 01, 2023 01:47 AM

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Assume two countries, Thailand (T) and Japan (J), have one good: cameras. The demand (d) and supply

Question:

QdT Qd¹ = 60 - P 80 - P

Step by Step Answer:

Lets start by solving part a to find the equilibrium price and quantities in each country without trade a Compute the equilibrium price P and quantiti...View the full answer

Principles Of Economics

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