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5. a. Consider the figure below. Assume that Home country is Singapore and all the foreign supply of the product comes from the United States.

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5. a. Consider the figure below. Assume that Home country is Singapore and all the foreign supply of the product comes from the United States. The price of the product is in terms of SGD. price price S foreign supply PA PW A/I import demand D DI quantity imports i. Assume now USD appreciates relative to SGD. How will the quantity and price of imports change? (2 points)

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