Essay
The following table shows the domestic quantity demanded (QD) and quantity supplied (QS) of soybeans in Canada and Brazil at various prices (in Canadian dollars). 
(a) Complete the above table by indicating the size of exports or imports for each country at each price.(b) Suppose Canada and Brazil are closed economies.What is the domestic price of soybeans in Canada? What is the domestic price of soybeans in Brazil?(c) Suppose Canada and Brazil are the only countries in a two-nation world.What is the world price of soybeans? Is Canada an exporter or an importer at the world price? Is Brazil an exporter or an importer at the world price?
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(a) See table above.(b) The domestic pri...View Answer
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