Answer to Question #130892 in Economics for ahmad

Question

Domestic demand for a good is QD = 3000 - 25P. The domestic supply of the good is QS = 20P. Foreign producers can supply any quantity at a price (P) of $30.
a. What is the domestic equilibrium price and quantity?
b. At this domestic equilibrium price, how much of the good will be supplied by domestic producers and how much by foreign producers?

Answer 1

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