Vienna ECON 235 – A nation produces 500 units of output

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Vienna ECON 235 – A nation produces 500 units of output

A nation produces 500 units of output.It sells 400 of these to domestic consumers at a price of$2 per unit,and exports the remaining 100 units to countries overseas at a price of$2.50 per unit.The country also imports 50 units of another good at a price of$3 per unit.There is neither investment nor government expenditure in this economy.