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Consider the market for lawnmowers in a small country. The domestic demand curve is P = 100 (1/10) Q D and the domestic supply curve is P = 10 + (1/5)Q S . a. What is the equilibrium market price an

Consider the market for lawnmowers in a small country. The domestic demand curve is P = 100 – (1/10) Q D and the domestic supply curve is P = 10 +…

Consider the market for lawnmowers in a small country. The domestic demand curve is P = 100 – (1/10) QD and the domestic supply curve is P = 10 + (1/5)QS.  a. What is the equilibrium market price and quantity, assuming no imports or exports?b. If the government opens up the economy to outside trade, and the world price is $60, will the country be importing or exporting lawnmowers? How many lawnmowers will it import or export? Draw this on a graph.

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