The table below shows India\'s imports and exports of wheat at various world pri

Question

The table below shows India's imports and exports of wheat at various world prices. Price (Dollars per bushel $6 $5 $4 $3 $2 Imports Exports (Millions of bushels) (Millions of bushels) 200 100 100 200 The graph below shows the import demand curve and export supply curve for wheat in the United States. The U.S. equilibrium price of wheat is $5 per bushel. Use the data from the table above to plot the import demand curve (purple line, diamond symbols) and export supply curve (red line, cross symbols) for India. Then use the black point (X symbol) to mark the international equilibrium price and quantity. Dashed drop lines will automatically extend to both axes.

Explanation / Answer

     price                 import                   export

      $6                         -                            200

      $5                         -                            100

      $4                         0                             0

      $3                      100                           -

      $2                      200                           -

So the equalibrium price is $5 and the equalibrium quantity is 100

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