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1.You are given the following information: Quantity of imports400 Foreign currency price of imports20 Exchange rate (d/f)1.50 Calculate the foreign currency and domestic currency values

1.You are given the following information:

Quantity of imports400

Foreign currency price of imports20

Exchange rate (d/f)1.50

Calculate the foreign currency and domestic currency values of imports. What will happen if the exchange rate falls to 1.20, assuming that the value of the elasticity of demand for imports is -0.1? (2.5 marks)

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