AI-generated, not reviewedHL only4 marks, command term Calculate
The figures are invented. A diagram shows Country Z's market for sugar, with price ($ per tonne) on the vertical axis and quantity (thousand tonnes per year) on the horizontal axis. Without trade the equilibrium price is $30. (i) The world price is $20. At $20 domestic producers supply 500 and domestic consumers demand 1,500. Calculate the quantity of imports and the import expenditure. [2] (ii) In a later year the world price is $36. At $36 domestic producers supply 1,300 and domestic consumers demand 700. Calculate the quantity of exports and the export revenue. [2]
HL Paper 3-style calculation (standalone practice; not an IB question).