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You have the following information about the sugar market. US Domestic Demand: Q = 60 - (2/3)P US Domestic Supply: Q = P Also, the
You have the following information about the sugar market. US Domestic Demand: Q = 60 - (2/3)P US Domestic Supply: Q = P Also, the US could import any quantity of sugar from world producers at a price of (US$) 10 cents/lb. (all quantities expressed in billion lb. and prices in (US$) cents/lb.) In a scenario with free international trade, the equilibrium price in cents/lb. is
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