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49) The closed economy, with equilibrium at P = 50 and Q = 30, opens up to trade when the world price of the good is given by Pw = 30. This country will, under free trade, produce , consume and import A) 10; 50; 40. B) 20; 40; 20. C) 10; 40; 30. D) 20, 50; 30. E) 30; 30; 0.
49) The closed economy, with equilibrium at P = 50 and Q = 30, opens up to trade when the world price of the good is given by Pw = 30. This country will, under free trade, produce , consume and import A) 10; 50; 40. B) 20; 40; 20. C) 10; 40; 30. D) 20, 50; 30. E) 30; 30; 0.
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Related textbook solutions
Related questions
This table shows the demand schedule, marginal cost, and average total cost for a monopolistically competitive firm.
|
Quantity |
Price |
Marginal Cost |
Average Total Cost |
|
0 |
$50 |
-- |
-- |
|
1 |
$45 |
$30 |
$40 |
|
2 |
$40 |
$24 |
$32 |
|
3 |
$35 |
$14 |
$26 |
|
4 |
$30 |
$10 |
$22 |
|
5 |
$25 |
$12 |
$20 |
|
6 |
$20 |
$32 |
$22 |
|
7 |
$15 |
$50 |
$26 |
|
8 |
$10 |
$74 |
$32 |
|
9 |
$5 |
$104 |
$40 |
|
10 |
$0 |
$140 |
$50 |
Refer to Table 16-4. How much profit will this firm earn when it chooses its output to maximize profit?
| a. |
an $8 profit |
|
| b. |
a $12 loss |
|
| c. |
a $25 profit |
|
| d. |
a $32 profit |
