20.6 and Table 20.7.

Price ($) Qd

Qs

60

70

80

90

230 180

200 200

170 220

150 240

100

140 250

TABLE 20.6

Pepperland

Price ($) Qd

Qs

60

70

80

90

430 310

420 330

410 360

400 400

100

390 440

TABLE 20.7 Land of

Submarines

a. What would be the equilibrium price and quantity in each country in a world without trade? How can

you tell?

b. What would be the equilibrium price and quantity in each country if trade is allowed to occur? How

can you tell?

c. Sketch two supply and demand diagrams, one for each country, in the situation before trade.

d. On those diagrams, show the equilibrium price and the levels of exports and imports in the world

after trade.

e.

If the Land of Submarines imposes an anti-dumping import quota of 30, explain in general terms

whether it will benefit or injure consumers and producers in each country.

f. Does your general answer change if the Land of Submarines imposes an import quota of 70?
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