Multiple Choice
The demand for jeans in a country is given by D = 100 - 0.6P,where P is the price of a pair of jeans.Supply by domestic producers is given by S = 20 + 0.4P.The world price of a pair of jeans equals $30 and this economy is open to trade.If a quota of 40 pairs is placed on jeans imports,the quantity of jeans produced domestically will change from _______ pairs with no quota to _______ pairs with the quota.
A) 52;32
B) 32;52
C) 52;36
D) 36;52
E) 32;36
Correct Answer:
Verified
Correct Answer:
Verified
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