in the 1950s, imports and exports of goods and services constituted roughly 4% to 5% of u. s. gdp. in recent years, exports have accounted for approximately 12% of gdp, while imports have more than tripled to over 15% of gdp.

David consumes two things: gasoline (q 1) and bread (q 2). david's utility function is u(q 1, q 2)equals70q 1 superscript 0.5 baseline q 2 superscript 0.5. let the price of gasoline be p 1, the price of bread be p 2, and income be y. derive david's demand curve for gasoline. david's demand for gasoline is q 1equals nothing. (properly format your expression using the tools in the palette. hover over tools to see keyboard shortcuts. e.g., a subscript can be created with the _ character.)