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In early 2014, China decided to cancel the 1.3 million tons of rice import contract with Thaolanf. Using demand and supply analysis, answer the following questions with supporting graphs.
a) What will the effect of the cancellation of the import contract on the equilibrium price and quantity of rice in Thailand?
b) What will be the effect of the cancellation of the import contract km the equilibrium price and quantity of rice in China?
c) If China increases the import of rice from Vietnam in order to stabilize 5 he domestic price of rice, how will it affect the equilibrium price and quantity of rice in vietnam?
d) Suppose the Vietnamese rice producers have built the storehouses and expect the increasing demand for rice from China will keep pushing the price up in the fiture. How would you expect the current equilibrium price and quantity of rice in Vietnam to change, compare to those before China increases the import of rice from Vietnam?
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Without using the midpoint formula, can you tell whether demand is elastic, inelastic, or unit-elastic over this price range.
Suppose that rice is pays out $1000 per hectare while quinoa also pays out $1000 per hectare if the rainy season is short. If the rainy season is long, rice pays out $400 per hectare while quinoa also pays out $400 per hectare. In this scenario, to w..
Compute the price and quantity of equilibrium in each country when both country A and country B are closed economies.
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q1. what is the equilibrium income the marginal propensity to import and the trade deficitsurplus if consumption is
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