Answer:
Explanation:
Price function can be estimated by inverting the demand function.
This is the price function.
Total revenue function can be estimated using the given formula,
The linear demand function is given by,
Price function is given by,
Total revenue function is thus given by,
The derivative of Y with respect to x is,
Equating this equal to 0 we get,
Answer:
1. -$214 billion
2. a trade deficit
Explanation:
1. The balance of trade denotes the difference between the exports and imports.
In mathematically,
Balance of trade = Exports - imports
So,
Balance of trade = $263 billion - $477 billion
= -$214 billion
2. As the balance of trade comes in a negative amount which represents that imports value is more than the exports value so it would be a trade deficit
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