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Economics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0073511498Economics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0073511498 Exercise 5
Table 17P-1 shows the domestic supply and demand schedule for rice in Thailand.
a. In autarky, what is the domestic quantity supplied and price?
b. The world price of rice is $1.25 per kilogram. If Thailand opens up to trade in rice, what will be the new domestic price of rice? ( Hint: You can assume Thailand is a small producer of rice relative to the world market.)
c. What quantity of rice will be supplied by domestic producers?
d. What quantity of rice will be demanded by domestic consumers?
e. How much rice will Thailand import or export?
a. In autarky, what is the domestic quantity supplied and price?
b. The world price of rice is $1.25 per kilogram. If Thailand opens up to trade in rice, what will be the new domestic price of rice? ( Hint: You can assume Thailand is a small producer of rice relative to the world market.)
c. What quantity of rice will be supplied by domestic producers?
d. What quantity of rice will be demanded by domestic consumers?
e. How much rice will Thailand import or export?
Explanation
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Given:
Table-1 illustrates the domestic...
Economics 1st Edition by Dean Karlan,Jonathan Morduch
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