Question

Price (Dollars per TV set) Quantity Demanded Quantity Supplied 100 900 200 700 200 500 300 400 550 400 600 900 Use blue points (circle symbol) to plot Venezuela's demand curve on the following graph. Use orange points (square symbol) to plot Venezuela's supply curve. Then use the black point (cross symbol) to indicate the domestic market equilibrium. (Hint: Use all of the given points to plot the demand and supply curves.) Demand O Supply PRICE (Dollars per TV set) Equilibrium SWorld 0 + 0 100 + 200 300 400 500 600 700 800 QUANTITY (Number of TV sets) 900 1000 Suppose Venezuela imports TV sets at a price of $150 each. Use the grey line (star symbol) to plot the world supply curve on the previous graph. Then, use the graph to complete the following sentence. Under free trade, Venezuela produces TV sets, consumes TV sets, and imports TV sets.

Answer 1

Answer:

Given:

Price	Quantity Demanded	Quantity Supplied
100	900	0
200	700	200
300	500	400
400	300	600
550	0	900

Demand Supply PRICE (Dolars per TV set) Equlibrium SWorld 0 100 900 1000 200 300 400 500 600 700 800 QUANTITY (Number of TV sets)

Under free trade, Venezuela produces 100 TV sets, consumes 800 TV sets, and imports 700 TV sets