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Calculate the following values using the figure below, which shows domestic supply and demand for steel in the United States
Calculate the following values using the figure below, which shows domestic supply and demand for steel in the United States under autarky. Instructions: Enter your answers as a whole number. a. Under autarky, the equilibrium domestic price is and the equilibrium domestic quantity is thousand tons of steel. b. Suppose the United States allows trade, and the post-trade domestic quantity supplied is 150 thousand tons of steel. The world price must be and the domestic quantity demanded is thousand tons of steel. c. The United States is a of steel. d. thousand tons of steel are imported.


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a. Under autarky, the equilibrium domestic price is $300 and the equilibrium domestic quantity is 200 thousand tons of steel. Under autarky, domestic equilibrium is determined by the intersection of domestic demand and domestic supply.
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