Question

1. list one case for trade restrictions

2. Suppose the following table reflects the domestic supply
and demand for radios:

Price $18 $16 $14 $12 $10 $8 $6 $4

Qs 8 7 6 5 4 3 2 1

Qd 2 4 6 8 10 12 14 16

a. Graph these market conditions and identify the equilibrium
price and quantity.

b. Now suppose that foreigners enter the market, offering to
sell an unlimited supply

of radios for $6 a piece. Illustrate and identify the new
market price, domestic

quantity supplied and quantity demanded. How many radios will
be imported?

c. If a tariff of $2 per radio were imposed, what will be the
new market price?

Domestic quantity supplied? Radios imported? Tariff
revenue?

d. As a response to complaints of radio producers, instead of
imposing a $2 per radio

tariff, the government imposes an import quota of 9 radios.
How will the results

of the quota differ from the results of a tariff?

Answer #2

answered by: anonymous

The domestic demand for radio is given by Q= 5000 - 100 P. The
domestic supply curve for radio is given by Q= 150P. Suppose radios
can be imported at a world price of $10 per radio.
1) How many radios will be imported
2) Calculate the total surplus for the open economy
3) Now suppose domestic radio producers succeed in getting a $5
tariff implemented, how many radios would be imported?
4) How much would be collected in tariff...

The domestic demand for radio is given by Q= 5000 - 100 P. The
domestic supply curve for radio is given by Q= 150P. Suppose radios
can be imported at a world price of $10 per radio.
1) Now suppose domestic radio producers succeed in getting a $5
tariff implemented, how many radios would be imported?
2) How much would be collected in tariff revenue?
3) How much consumer surplus would be transferred to domestic
producers?
4) What would the...

The domestic demand for radio is given by Q= 5000 - 100 P. The
domestic supply curve for radio is given by Q= 150P. Suppose radios
can be imported at a world price of $10 per radio.
1) Now suppose domestic radio producers succeed in getting a $5
tariff implemented, how many radios would be imported?
2) How much would be collected in tariff revenue?
3) How much consumer surplus would be transferred to domestic
producers?
4) What would the...

The domestic demand for radio is given by Q= 5000 - 100 P. The
domestic supply curve for radio is given by Q= 150P. Suppose radios
can be imported at a world price of $10 per radio.
1) Now suppose domestic radio producers succeed in getting a $5
tariff implemented, how many radios would be imported?
2) How much would be collected in tariff revenue?
3) How much consumer surplus would be transferred to domestic
producers?
4) What would the...

4. Suppose the domestic supply and demand curves for petroleum
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imports? 2) Suppose a specific tariff of $10 per barrel is imposed.
Calculate Consumer surplus, producer surplus, and tariff revenue.
3) Suppose the government imposes an import quota of 1200 units of
barrels. Find the trading price for petroleum.

The table below shows the demand and
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a. Use the information in the table
to determine the market equilibrium quantity and price of
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b. Suppose the government wants to
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c. At the quota limit of 8 gizmos,
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d....

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1- Suppose the domestic supply (QS) and demand (QD) for scooters
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QS = –25 + 10P
QD = 875 – 5P
If China can import scooters from the rest of the world at a per
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a- Quantity Imported = 150, Quantity Produced =...

1. [Market Equilibrium]
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Price, P ($/lb) Quantity Qd (lbs)
10/0
8/4
6/8
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2/16
(a) Draw a graph with Price (P) on the vertical axis and
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(b) Write the equation for this inverse demand function.
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1. Consider a small open economy. Suppose the market for corn in
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(a) Suppose the government imposes a tariff of $2 per bushel.
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republic is competitive. The domestic market demand function for
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