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55. Assume two countries, Thailand ['1'] and Japan {I}. have one good: cameras. The demand {d} and supply [5] for cameras in Thailand and Japan
55. Assume two countries, Thailand ['1'] and Japan {I}. have one good: cameras. The demand {d} and supply [5] for cameras in Thailand and Japan is described by the following functions: chT = (50 P T _ 1 Q3 _ 5+EP le = EllP Q51 2 1o+-21P P is the price measured in a common currency used in both countries. such as the Thai Baht. 1 Compute the equilibrium price {P} and quantities (Q) in each canon-5r without trade. h. Now assume that free trade occurs. The free- trade price goes to 53.36 Baht. Who exports and imports cameras and in what quantities
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