Full employment and full production

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Reference no: EM136471

Q1. Suppose that the market for wheat is characterized by the following demand and supply relationships:

Demand: Q=30,000-20P
Supply: Q=80P

Calculate consumer surplus
Find the market equilibrium quantity of brushes of wheat and the market equilibrium price.

Q2. Suppose that zualia, which has a full employment and full production, can obtain 1 unit of capital goods by sacrificing 2 units off consumer goods domestically, but can obtain 1 unit of capital goods from another country by trading 1 unit of consumer goods for it is really illustrates.

Reference no: EM136471

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