-The United States Imports Television Sets from Japan

question 82

Essay

-The United States imports television sets from Japan.The table above contains the U.S.demand and U.S.supply schedules for television sets.The world price of a television set is $600 per set.
a.With no trade,what is the domestic price and quantity of television sets?
b.At the world price,what is the quantity of sets demanded in the United States?
c.At the world price,how many sets are produced in the United States?
d.At the world price,how many sets are imported into the United States?
e.What is the opportunity cost of producing the 4-millionth television set in the United States? In Japan?

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Definitions:

Refresh PivotTable

An action in spreadsheet software that updates the pivot table's data and calculations to reflect changes in the source data.

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Recommended PivotTables

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A feature in spreadsheet software that allows users to preview changes in a pivot table before finalizing their data analysis.