Demand for Import Function

where M= quantity of import; hm = price elasticity of demand for import with hm<0 and £m = income elasticity of demand for imports; Y=home country's income; B=a constant.

Using the same procedure as in 23.2 and 23.3 we obtain:

where m = percent change in import quantity and y=percent change in home country's income.

Negotiating Essentials

Negotiating Essentials

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