Business, 29.02.2020 05:21 fatherbamboo

The following two graphs show the markets for smartphones in Sweden and Norway. Use the graphs to answer the questions that follow. Sweden 0 400 800 1200 45 40 35 30 25 20 15 10 5 0 PRICE (Dollars per smartphones) QUANTITY Demand Supply Norway 0 400 800 1200 45 40 35 30 25 20 15 10 5 0 PRICE (Dollars per smartphones) QUANTITY Demand Supply Assume there are no transportation costs. With trade, the price of $ brings about balance in exports and imports. At this price, smartphones are traded. With trade, Sweden produces smartphones and consumes smartphones, and Norway produces smartphones and consumes smartphones. Now suppose the per-unit transportation cost from Sweden to Norway is $5. With trade, the transportation cost changes the price of smartphones in Sweden to $ and in Norway to $ . Sweden will produce smartphones and consume smartphones, thus exporting smartphones. Norway will produce smartphones and consume smartphones, thus importing smartphones.

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The following two graphs show the markets for smartphones in Sweden and Norway. Use the graphs to an...