Maurice Tutor

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Category > Management Posted 08 Nov 2017 My Price 5.00

world price of steel

Suppose that the world price of steel is $100 a tonne, India does not trade internationally, and the equilibrium price of steel in India is $60 a tonne. India then begins to trade internationally.

a. How does the price of steel in India change?

b. How does the quantity of steel produced in India change?

c. How does the quantity of steel bought by India change?

d. Does India export or import steel and why?

 

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Maurice Tutor
(5)
Status NEW Posted 08 Nov 2017 10:11 PM My Price 5.00

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