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Now assume that there is free trade between the European Union and US.

I need help with applying the equations to answer questions d and e.


Now assume that there is free trade between the European Union and US.


d.  Determine the international equilibrium price of corn (per ton).

e. How much corn is produced and consumed in the European Union and US.


Equations for corn:

EU = 70 - 2 PEU

 

EU = 20 + 3PEU

 

US = 130 - 3PUS

 

US = 30 + PUS

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