Essay
Table 13.14 shows the output of kumquats per month.
-Suppose the following domestic demand and supply schedule for Thailand's wine industry:
a)In the absence of free trade,what is the equilibrium price and quantity traded domestically for Thailand's wine industry?
b)Suppose the international price for a bottle of wine is $27.Will Thailand export or import wine? How many units?
c)Now suppose the Thai government places a $2 tariff on imported wine.How many units will Thailand import?
Correct Answer:
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a)$26 and 360,000 bo...View Answer
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