Agronomia is a SMALL country that takes the world price of corn as given.

Econ 440 –[Out of 15 points total] Agronomia is a SMALL country that takes the world price of corn as given. Its domestic supply and demand for corn is given by the following: D = 45 – 3P and S = 3P – 9 Assume initially that Agronomia does not open to trade. What is the autarky (no trade) equilibrium price and quantity? (1 point). Suppose Agronomia decides to engage in trade. Determine the quantity demanded, quantity supplied, and import given the world price (Pw) of $6 per bushel of corn. (Hints: Plug Pw into original equations). (1 point).