Answer Happy

Problem 2: International Trade (3 points) The table below shows the domestic supply and demand schedule for sugar in Thailand. Suppose the world price of sugar is $60 per metric ton. Price of Sugar ($/metric ton) 75 70 65 60 55 50 45 40 Quantity Demanded (million metric tons) 80 90 100 110 120 130 140 150 Quantity Supplied (million metric tons) MANU 155 150 145 140 135. 130 125 120 a. In autarky, the domestic price of sugar in Thailand is $ per metric ton, and metric tons of sugar will be supplied and demanded. c. With trade, Thailand will consume tons of sugar domestically. b. Once Thailand opens up to trade. tons of sugar will be supplied by domestic producers, million million metric million metric d. Thailand will million metric tons of sugar. [Enter either "import" or "export" in the first blank, and the quantity imported/exported in the second blank.]