Consider a two‑nation world consisting of the United States and Mexico, which both produce strawberries. Assume there are no trade barriers or international transportation costs. The tables represent the markets for strawberries in the United States and Mexico. Mexican prices have been converted to U. S. dollars.
Price per pound Quantity supplied (in millions) Quantity demanded (in millions)
$2 300 500
$3 350 450
$4 400 400
$5 450 350
$6 500 300
$7 550 250
$8 600 200
Price per pound Quantity supplied (in millions) Quantity demanded (in millions)
$2 400 800
$3 450 750
$4 500 700
$5 550 650
$6 600 600
$7 650 550
$8 700 500
Required:
a. What is the equilibrium world price per pound?
b. What is the equilibrium quantity of exports and imports?
c. Which country will export strawberries?
a. United States
b. Mexico
Answers: 3
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