Business, 12.12.2019 23:31 lucywood2024
Suppose the world consists of two countries: north mendota and south mendota. demand and supply for widgets in north and south mendota are as follows [hint: sketch these for yourselves].
north mendota demand: qd = 10-p
north mendota supply: qs = p
south mendota demand: qd = 6-p
south mendota supply: qs = 2p
1. if trade between these two countries is allowed, what is the "world" price of widgets [not necessarily an integer]? [hint: one way to solve this is to add up the two supply and demand curves horizontally, and solve for the world price.] enter 1 digit after the decimal point. do not include units or other words than the answer itself.
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Suppose the world consists of two countries: north mendota and south mendota. demand and supply for...
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