The figure given below shows the import demand and export supply curves of corn of the U.S.and Mexico. Figure 34.2 
Refer to Figure 34.2.The no-trade equilibrium price of a bushel of corn in Mexico is:
Definitions:
Indifference Curve
A graph representing combinations of two goods or services among which a consumer is indifferent, showing preference levels.
Optimal Consumption
The mix of goods and services that maximizes consumer utility or satisfaction given their budget constraints.
Indifference Curve
A graph showing different combinations of two goods among which a consumer is indifferent.
Increase in Income
A situation where an individual or entity experiences a rise in their earnings or revenue over a period.
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