ECON 505 In early 2014, China decided to cancel the 1.2 million ton rice import contract with Thailand. Using demand and supply analysis, answer the following questions with supporting graphs.a. What will be the effect of the cancellation of the import contract on the equilibrium price and quantity of rice in Thailand?b. What will be the effect of the cancellation of the import contract on the equilibrium price and quantity of rice in China?c. If China increases the import of rice form Vietnam in order to stabilize the domestic price ofrice, how will it effect the equilibrium price and quantity of rice in Vietnam?d. Suppose the Vietnamese rice producers have built the storehouses and expect the increasing demand for rice from China will keep pushing the price up in the future. How would you expect the current equilibrium price and quantity of rice in Vietnam to change, compared to those before China increases the import of rice from Vietnam?
Import contract with Thailand
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