Solved: How does the quantity of steel produced in india change, Macroeconomics

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How does the quantity of steel produced in india change

Problem

Suppose that the world price of steel is $100 a tonne, India does not trade internationally, and the equilibrium price of steel in India is $60 a tonne. India then begins to trade internationally.

a. How does the price of steel in India change?

b. How does the quantity of steel produced in India change?

c. How does the quantity of steel bought by India change?

d. Does India export or import steel and why?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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