Question
Assume that in Ireland the demand and supply of tablets is given by the following equations:...
Assume that in Ireland the demand and supply of tablets is given by the following equations:
P d = 1200 − 3 Q d P s = 200 + 2 Q s
Also assume that the world price for tablets is given by P w = 300. Now assume that Ireland puts an import quota into place limiting the amount of tablet imports to 100. What will the new domestic price be for tablets in Ireland?
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