The below table shows the corn markets in Mexico and the US. What is the equilibrium world price assuming a simple model of two countries only?

(Hint: Fill the blank cellsin the table by calculating the shortage or surplus between domestic quantity demanded and quantity supplied at each price in each country. Note that surplus indicates that the country would be an exporter at that price, whereas a shortage will indicate that the country will be an importer at that price).

Identify equilibrium prices for a good in two countries with and without trade Question The below table shows the corn markets in Mexico and the US. What is the equilibrium world price assuming a simple model of two countries only? (Hint: Fill the blank cells in the table by calculating the shortage or surplus between domestic quantity demanded and quantity supplied at each price in each country. Note that surplus indicates that the country would be an exporter at that price, whereas a shortage will indicate that the country will be an importer at that price). Table 1: Corn markets in Mexico and the US Price Mexico Mexico Mexico U.S U.S. U.S Quantity Quantity Shortage (-) or Quantity Quantity Shortage (-) or Supplied Demanded Surplus (+) Supplied Demanded Surplus (+) $15 25 125 10 30 $28 50 100 75 25 $37 75 75 100 20 $45 100 50 125 15