Determine the equilibrium price and quantity in each country

Reference no: EM13208646

We consider two large countries America and Canada. The supply and demand
for beef in America are given by
Q Supplied = 100P
and
Q Demanded = 900 - 100P
respectively.

The supply and demand for beef in Canada is given by
Q Supplied = 25P
and
Q Demanded = 100 - 25P
respectively.

1. Determine the equilibrium price and quantity in each country when the two countries are able to trade.

2. Calculate the consumer surplus, producer surplus, and total surplus for each country when the nations are able to trade

Reference no: EM13208646

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