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What equilibrium price and quantity of steel under autarky

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Reference no: EM131919463

Problem

Calculate the following values using Figure 17P-1 which shows domestic supply and demand for steel in the United States under autarky.

a. What is the equilibrium price and quantity of steel under autarky?

b. Suppose the post-trade domestic quantity supplied is 150 million. What is the domestic quantity demanded and the new world price?

c. Is the U.S. a net-exporter or net-importer of steel?

d. What quantity of steel is imported/exported?

1365_Figure 17P-1.jpg

Reference no: EM131919463

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