The Table Below Shows Data for the Luxury Watch Market

question 51

Essay

The table below shows data for the luxury watch market. Luxury watches can be freely imported or exported. Graph the supply and demand curves. Suppose the world market price is $4,000. With free trade, how many watches will be produced domestically and how many will be imported or exported?

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Definitions:

Demand Curve

The demand curve is a graphical representation showing the relationship between the quantity of a good consumers are willing to buy and its price.

Fewer Units

A scenario where a smaller quantity of a product is being produced, stocked, or sold, possibly due to lower demand or strategic decision-making.

Given Price

A specified cost at which a product or service is offered to consumers.

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in price.