Business, 19.10.2019 03:30 blayneaafedt

Suppose that norway is a small country and currently produces 100,000 board feet of lumber at $600 per 1,000 board feet. then it begins to trade at the world price of $500 per 1,000 board feet. as a result of trade, norway production falls to 50,000 board feet and its consumption increases to 200,000 board feet. reference: ref 8-3 (scenario: production in norway) how many board feet of lumber does norway now import?
a) 250,000 board feet
b) 200,000 board feet
c) 150,000 board feet
d) 100,000 board feet

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Suppose that norway is a small country and currently produces 100,000 board feet of lumber at $600 p...