Luxembourg imports a good at a world price of 10 each the
Luxembourg imports a good at a world price of $10 each. The domestic supply curve is S = 50 + 5P where P is in Ecu and lEcu = $1. Demand curve is D = 400 - 1OP. Draw demand and supply curves for this good and indicate how much is imported.
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ceteris paribus there is an inverse relationship between price and quantity demanded in other words the demand curve
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luxembourg imports a good at a world price of 10 each the domestic supply curve is s 50 5p where p is in ecu and lecu
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