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AAEC 2305 Fundamentals of Ag Economics - page 11 / 27

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World Price

Instead of examining prices from all pontential foreign buyers or sellers, we assume that there is a world price (Pw) made up of the combined markets of all countries in the world.

We will also assume that all prices are expressed in dollars (which is often the case in international transactions)

Furthermore, we will ignore transportation costs to & from the world market so that we can examine the essential features of international trade.

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