Belgium is a small country which produces and consumes gooseberries. The quantity demand of gooseberries is Qd= 120-4P, and quantity supply is Qs= 2P in Belgium. If world price of gooseberries is Rs 15 then Belgium will export or import gooseberries and by how much?

Belgium is a small country which produces and consumes gooseberries. The quantity demand of gooseberries is Qd= 120-4P, and quantity supply is Qs= 2P in Belgium. If world price of gooseberries is Rs 15 then Belgium will export or import gooseberries and by how much?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter34: Globalization And Protectionism

Section: Chapter Questions

Problem 1SCQ: Explain how a tariff reduction causes an Increase in the equilibrium quantity of imports and a...

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Question

Belgium is a small country which produces and consumes

gooseberries. The quantity demand of gooseberries is Qd= 120-4P, and

quantity supply is Qs= 2P in Belgium. If world price of gooseberries is

Rs 15 then Belgium will export or import gooseberries and by how

much?

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