Domestic perfectly competitive market for a good sold is described by the following functions:
QD = 260 - 2P and QS = 100 + 2P
The rest of the word price is $4 per bushel of corn.
If there is no trade (autarky), what is the equilibrium price and quantity of a bushel of corn in the domestic market?
If trade opens, what is the domestic price, quantity produced domestically, imports and exports?

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The Answer of Domestic perfectly competitive market for a good sold is described by the following functions:
QD = 260 - 2P and QS = 100 + 2P
The rest of the word price is $4 per bushel of corn.
If there is no trade (autarky), what is the equilibrium price and quantity of a bushel of corn in the domestic market?
If trade opens, what is the domestic price, quantity produced domestically, imports and exports?

Domestic Perfectly Competitive Market for a Good Sold Is Described