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Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884 Exercise 2
How Global Markets Work
Suppose that the world price of steel is $100 a ton, India does not trade internationally, and the equilibrium price of steel in India is $60 a ton. India then begins to trade internationally.
a. How does the price of steel in India change?
b. How does the quantity of steel produced in India change
c. How does the quantity of steel bought by India change
d. Does India export or import steel and why
Suppose that the world price of steel is $100 a ton, India does not trade internationally, and the equilibrium price of steel in India is $60 a ton. India then begins to trade internationally.
a. How does the price of steel in India change?
b. How does the quantity of steel produced in India change
c. How does the quantity of steel bought by India change
d. Does India export or import steel and why
Explanation
Verified
Verified
(a) If India starts trading then its pri...
Macroeconomics 11th Edition by Michael Parkin
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