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Suppose that a small, tropical country produces mangoes for domestic consumption and possibly for export. The national demand and supply curves for mangoes in this
Suppose that a small, tropical country produces mangoes for domestic consumption and possibly for export. The national demand and supply curves for mangoes in this country are given by the following:
P = 50 - M (national demand)
P = 25 + M(national supply)
Where P denotes the relative price of mangoes and M denotes the quantity of mangoes (in metric tons).
a.Illustrate these relationships geometrically.
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