Suppose that the world price of steel is $100 tonne, India does not trade internationally, and the

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Suppose that the world price of steel is $100 tonne, India does not trade internationally, and the equilibrium price of steel in India is $60 a tonne. 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?

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Microeconomics Canada In The Global Environment

ISBN: 9781556520617

11th Edition

Authors: Michael Parkin, Robin Bade

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Question Posted: Nov 05, 2024 10:01 AM

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Suppose that the world price of steel is $100 tonne, India does not trade internationally, and the

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Microeconomics Canada In The Global Environment

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