Increase in exports on market equilibrium price

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Vietnam's seafood exports in January and February 2014 increased 23.5 percent compared to 2013, and it is expected that the annual export target will be met relative ease. Supposing Vietnam's seafood market is perfectly competitive and originally at the long-run equilibrium, draw graphs to answer the following questions: a. What was the effect of the increase in exports on the market equilibrium price and quantity of seafood in Vietnam? b. What was the effect of the increase in exports on the profit of an individual fisherman? c. How will the number of fishermen in Vietnam change in the long run? How does it affect the seafood market? d. With the change in the number of fishermen, how will the profit of an individual fisherman change? e. With the change in profit in the long run, will individual fishermen exit the market?

Reference no: EM131174374

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