Consider the small home country with many perfectly


Consider the small Home country with many perfectly competitive firms that produce oil.

The demand curve for oil is given by P = 400 - 2Q, and the Home supply curve is given by P=Q

(b) Assume that the Home government imposes the import quota of 50, ? How much oil is produced at Home? How much oil is consumed.

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Business Economics: Consider the small home country with many perfectly
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