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5. Consider a market Where the domestic supply and the domestic demand are given by (a) QS(P)=2OOP and QD(P)=4OOO200P. Suppose this is a closed economy.

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5. Consider a market Where the domestic supply and the domestic demand are given by (a) QS(P)=2OOP and QD(P)=4OOO200P. Suppose this is a closed economy. Find the equilibrium price and quantity. What are the consumer surplus, producer surplus, and aggregate surplus? For the remainder of the question, assume that the economy is open. (b) (C) (d) (e) The world supply is perfectly elastic at price P\

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