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Paper Market Graph for Large Open Economy Price upply $40 $20.- _ $17 $10 $8 Demand 0 10 13 19 23 28 35 39 Quantity

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Answer #1

Can answer only four questions according to HomeworkLib policy

1 20 where supply meets demand, 8 and 10

2 23,39 and 35

3 23,10,13

4 0,29,23

Consumption determined by meeting point of supply and demand in each case

Production determine by meeting of world supply and domestic supply

Horizontal line at 8 is world supply and at 10 is world supply after tariff

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