Table 1 shows the supply and demand schedule of leather belts for Singapore, a small nation

that is unable to affect the World price of leather belts.

Table 1: Supply and Demand for Leather Belts: Singapore Price ($) Quantity Supply Quantity Demand 32 30 10 DOANO 28 15 26 20 24 25 10 22 36 12 20 45 14 18 50 16 16 55 18 14