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(a) Please walk us through the foreign country's no-trade AND free-trade equilibrium. Analyze how the foreign country reaches its equilibrium point without trade, and then
(a) Please walk us through the foreign country's no-trade AND free-trade equilibrium. Analyze how the foreign country reaches its equilibrium point without trade, and then discuss how it arrives at a new equilibrium after opening up to trade. Your answers should be detailed and (hand-writing) well- formatted
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