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If much of the output of the domestic good is consumed domestically, while much of the output of the imported good is consumed abroad, it would be reasonable to expect that the elasticity ϕ q would be relatively large (perhaps nearing one), while the elasticity ϕ y would be relatively small.
The difference between the amount of foreign goods consumed domestically and the amount of domestic goods consumed in foreign countries makes up the net exports.
They are the world's largest auto markets and oil consumers, each importing more than half the oil consumed domestically.
Meat, dairy products, and hides are consumed domestically and exported.
Both are consumed domestically, but only the latter is produced at home.
In the past, almost all the meat from these herds was consumed domestically.
Similar(8)
To entice Ukraine to sign contracts, Gazprom will allow it to re-export any gas it does not consume domestically.
The problem was, the country's Soviet-legacy refineries produced far less gasoline and other light distillates per barrel of oil than Western refineries — and far more bunker oil than Russia could consume domestically.
President of Moet Hennessy Wine, Jean-Guillaume Prats, told the BBC's Sharanjit Leyl that India's burgeoning middle class is eager to consume domestically produced luxury goods.
Wine or ale might be consumed either domestically or commercially.
As for the need to export the oil, as opposed to consume it domestically: A lot of the deposits are located in pockets where it would be more efficient and economical to send it overseas than to ship it across the country.
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CEO of Professional Science Editing for Scientists @ prosciediting.com