7. Import demand and export supply The following graph input tool shows the dome

Question

7. Import demand and export supply

The following graph input tool shows the domestic demand for and domestic supply of boots in the United States. Throughout the question, assume that the amount demanded by any one country does not affect the world price of boots.

Use the graph input tool answer the following questions. You will not be graded on any changes you make to the calculator.

When the world price of boots is $48 per pair of boots, the United States (imports/exports) (______) thousand pairs of boots.

When the world price of boots is $24 per pair of boots, the United States (imports/exports) (______) thousand pairs of boots.

Explanation / Answer

Answer)

When the world price of boots is $48 per pair of boots, the United States exports (_____160_) thousand pairs of boots.

When the world price of boots is $24 per pair of boots, the United States imports (__80____) thousand pairs of boots.

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