Homework Answers
Answer: D) 3 million ; import 3 million.
If the world price is $0.40 a doughnut, then Glazeland will produce 3 million doughnuts and will import 3 million doughnuts.
From the table, we see that, in Glazeland's doughnut market, the equilibrium attains at the price of $0.50 per doughnut because at this price both the quantity demanded and quantity supplied of doughnut is 4 millions. In the world market, the price of doughnut is $0.40. So, Glazeland will import doughnut because in world market, the price of doughnut is lower than the price in Glazeland. Now, from the table, we see that, at the price of $0.40, the quantity of doughnut sold in Glazeland is 3 millions, i.e., Glazeland produces 3 millions of doughnuts, but quantity demanded of doughnut is 6 millions.
The amount of doughnut, Glazeland will import = 6
millions - 3 millions = 3 millions
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thumbs up!
Question 2.
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