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Demand schedules for calculators in sweden and norway

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Reference no: EM13847569

Problem: Table Illustrates the supply and demand schedules for calculators in Sweden and Norway. On graph paper, draw the supply and demand schedules for each country.

Supply and Demand Schedules for Calculators

 

Sweden

 

 

Norway

 

Price

Qty S

Qty D

Price

Qty S

Qty D

0

0

1200

0

1800

5

200

1000

5

1600

10

400

800

10

1400

15

600

600

15

0

1200

20

800

400

20

200

1000

25

1000

200

25

400

800

30

1200

0

30

600

600

35

1400

35

800

400

40

1600

40

1000

200

45

1800

 

45

1200

0

Sweden:

504_Sweden Data.jpg

Norway:

2060_Norway Data.jpg

a) In the absence of trade, what are the equilibrium price and quantity of calculators produced in Sweden and Norway? Which country has the comparative advantage in calculators?

Sweden's equilibrium price is $15 and their equilibrium quantity is 600.

Norway's equilibrium price is $30 and their equilibrium quantity is 600.

Sweden has the comparative advantage due to it's lower price.

b) Assume there are no transportation costs. With trade, what price brings about balance in exports and imports? How many calculators are traded at this price? How many calculators are produced and consumed in each country with trade?

c) Suppose the cost of transporting each calculator from Sweden to Norway is $5. With trade, what is the impact of the transportation cost on the price of calculators in Sweden and Norway? How many calculators will each country produce, consume, and trade?

Reference no: EM13847569

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