How much rice will thailand import or export

Assignment Help Macroeconomics

Reference no: EM131919471

Problem

Table 17P-1 shows the domestic supply and demand schedule for rice in Thailand.

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?

Table 17P-1

Price of rice ($/kg)	Quantity demanded (millions of kg)	Quantity supplied (millions of kg)
3.50	2,100	3,300
3.25	2,150	3,200
3.00	2,200	3,100
235	2,250	3,000
2.50	2,300	2.900
1.25	2,350	2.800
1.00	2,400	2.700
0.75	2,450	2.600
0.50	2,500	2.500
0.25	2,550	2,400

Reference no: EM131919471

Questions Cloud

Discuss the potential impact of this ruling : Previously in stock-drop cases, courts used a presumption of prudence standard, presuming investment of company stock in company pension.

What is the purpose of your report : According to J. Richard Hackman, a noted team research scholar, using a team to complete a complex project may not be the best approach.

Calculate producer and consumer surplus in autarky : Calculate producer and consumer surplus in autarky. Calculate the post-trade producer and consumer surplus. Who is better off after trade?

How would you have handled theunintended acceleration : How would you have handled theunintended acceleration problems? Explain. (case analysis: Toyota's culture and the "sticky pedal" recall).

How much rice will thailand import or export : What quantity of rice will be demanded by domestic consumers? How much rice will Thailand import or export?

What marketing channel or methods will be used : List elements that will need to be addressed to get started (such as advertising, employee hiring and training, permits, etc.).

Why each of these is important along with your plan : The president of your company has recently announced the need for a greater effort to incorporate innovation and entrepreneurship into organizational strategy.

Calculate the total inventory carrying cost : The president of Hill Enterprises, Terri Hill, projects the firm's aggregate demand requirements over the next 8 months as follows.

How can damario ensure the customers he targets : Prices strongly communicate to customers the value a company places on its own products and service?

User Account

All Pages