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Question 10 [10 marks]~ GreenSmoke Steel is a profit-maximising steel producer in Australia (AUS). The company sells steel both domestically (in Australia) and in the United States (US). Demand in both the Australian market and the United States market facing GreenSmoke are identical: Pus = 100 - QUS PAUS = 100 - QAUS where Pi refers to the price GreenSmoke charges in country i = US, AUS, and Q' refers to the quantity of steel demanded by consumers in country i This implies that the marginal revenue curves for both markets are identical as well: MRUS = 100 - 2QUS MRAUS = 100 - 2QAUS, where MR' refers to the firm's marginal revenue in country i.~ GreenSmoke produces steel in Australia with a constant marginal cost of production of MC = 10. There exists trade costs of t=20 to transport 1 unit of steel from Australia to the United States (Hint: MC if sold in the Unites States is Matt) a) What quantity will GreenSmoke supply to the Australian market? What price will GreenSmoke charge in Australia? ~ (2 marks) [Type your answer here.] K b) What quantity will GreenSmoke supply to the United States market? What price will GreenSmoke charge in the United States? ~ (2 marks) ~ [Type your answer here.]- c) Why might the differences in prices charged by GreenSmoke between the US and Australian markets be considered to be "unfair" dumping behaviour by the US producers? Specifically refer to GreenSmoke's export price in your answer (Hint: Don't forget the transportation cost when formulating your response).~ (3 marks) [Type your answer here.] d) Why might GreenSmoke's pricing behaviour not be considered to be an unfair trade practice from an economic point of view? (Hint: Compare price with marginal cost)? ~