The table that follows has data on the luxury watch market.Luxury watches can be freely imported or exported.Graph the supply and demand curves.Suppose the world market price is $4,000.With free trade,how much many watches will be produced domestically and how many will be imported or exported?
Price
Watches Demanded (thousands)
Watches Supplied (thousands)
$5,000
5
45
$4,000
10
40
$3,000
30
30
$2,000
50
20
$1,000
60
15

Question

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The Answer of The table that follows has data on the luxury watch market.Luxury watches can be freely imported or exported.Graph the supply and demand curves.Suppose the world market price is $4,000.With free trade,how much many watches will be produced domestically and how many will be imported or exported?
Price
Watches Demanded (thousands)
Watches Supplied (thousands)
$5,000
5
45
$4,000
10
40
$3,000
30
30
$2,000
50
20
$1,000
60
15

The Table That Follows Has Data on the Luxury Watch