Following table shows the domestic supply and demand schedule for rice in Thailand. Price of rice Quantity Demanded Quantity supplied
3.50 2100 3300
3.25 2150 3200
3.0 2200 3100
2.75 2250 3000
2.50 2300 2900
1.25 2350 2800
1.0 2400 2700
0.75 2450 2600
0.50 2500 2500
0.25 2550 2400
a. In autarky, what is the domestic quantity supplied and price?
b. The world price of rice is $1.25 per kilogram. If Thailand opens up to trade in rice, what will be the new domestic price of rice?
c. What quantity of rice will be supplied by domestic producers?
d. What quantity of rice will be demanded by domestic consumers?
e. How much rice will Thailand import or export?