Question

Let's say domestic demand is QD = 16 - P, domestic supply is QS = P....

Let's say domestic demand is QD = 16 - P, domestic supply is QS = P. International prices are $2, and import duties are $3 per unit. First, draw a picture related to this, and see the following value in the picture. Each value is represented by an area in the picture.

a. Consumer surplus
b. producer's surplus
c. government revenue
d. a quadruple loss of tariffs

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1) Suppose the domestic supply (QS U.S.) and demand (QDU.S) for bicycles in the United States...
1) Suppose the domestic supply (QS U.S.) and demand (QDU.S) for bicycles in the United States is represented by the following set of equations: QS U.S. = 2P QDU.S. = 200 – 2P. Demand (QD) and supply (QS) in the rest of the world is represented by the equations: QS = P QD =160 – P. Quantities are measured in thousands and price, in U.S. dollars. After the opening of free trade with the United States, if the world price...
Suppose the domestic supply (QS) and demand (QD) for scooters in China 1- Suppose the domestic...
Suppose the domestic supply (QS) and demand (QD) for scooters in China 1- Suppose the domestic supply (QS) and demand (QD) for scooters in China are given by the following set of equations: QS = –25 + 10P QD = 875 – 5P If China can import scooters from the rest of the world at a per unit price of $50, how many scooters will be imported, produced and demanded in China? a- Quantity Imported = 150, Quantity Produced =...
Given the demand and supply for water dispensers: Qd = 720 - 17 P Qs =...
Given the demand and supply for water dispensers: Qd = 720 - 17 P Qs = -70 + 20 P 1. The market equilibrium price is   2. The market equilibrium quantity is   3. What is the value of the demand curve's vertical intercept ?    4. What is the value of the supply curve's vertical intercept?   5. What is the Consumer's Surplus?    6. What is the Producer's Surplus?    Submit Assignment
Suppose the domestic demand for television sets is given by the following demand equation: Qd =...
Suppose the domestic demand for television sets is given by the following demand equation: Qd = 2400- 10P, where P is the price of television sets in dollars. The domestic supply of television sets is: Qs =2P. Finally assume that television sets can be imported at the world price of $160. Suppose the government bans the import of television sets. How much would domestic consumer surplus and domestic producer surplus change as a result of this policy and what would...
Qd = 240 - 5P Qs = P (a) Where Qd is the quantity demanded, Qs...
Qd = 240 - 5P Qs = P (a) Where Qd is the quantity demanded, Qs is the quantity supplied and P is the Price. Find: (1) the Equilibrium Price before the tax (2) the Equilibrium quantity before the tax (3) buyers reservation price (4) sellers reservation price (5) consumer's surplus before tax (6) producer's surplus before tax (b) Suppose that the government decides to impose a tax of $12 per unit on seller's in the market. Determine: (1) Demand...
China’s Domestic Supply and Demand for soybeans per ton is: QD = 700 – P     QS...
China’s Domestic Supply and Demand for soybeans per ton is: QD = 700 – P     QS = 2P – 500 (2 pts.) The equilibrium P* = $_________ and Q* = _______ (2 pts.) Draw the Supply and Demand curves on a graph. (2 pt.) Calculate CS (and show your work) $_______________
Domestic demand for a good is QD = 3000 - 25P. The domestic supply of the...
Domestic demand for a good is QD = 3000 - 25P. The domestic supply of the good is QS = 20P. Foreign producers can supply any quantity at a price (P) of $30. Is there a shortage or a surplus? What is the quantity of shortage or surplus?
4. Suppose the domestic supply and demand curves for petroleum in the U.S. are, Qs =...
4. Suppose the domestic supply and demand curves for petroleum in the U.S. are, Qs = 10P - 300 Qd = 3000 - 20P Let the world trade price be $50 per barrel. 1) What is the equilibrium quantity of 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.
Domestic supply of pomelos is QS=(1/2)P while domestic demand is QD=12-P. There is also a world...
Domestic supply of pomelos is QS=(1/2)P while domestic demand is QD=12-P. There is also a world price of $2. First, create a useful and well-labeled sketch. A. How many pomelos will be imported given free trade? B. What will be the deadweight loss given an import tariff of $3 per pomelo? C. What tariff would completely prevent any pomelo imports? D. What if instead of a $3 tariff, the government allowed free trade but imposed a tax of $3 per...
Let’s say the demand for burritos can be represented by Qd= 10-3P and the supply can...
Let’s say the demand for burritos can be represented by Qd= 10-3P and the supply can be represented by Qs= 2+P. At equilibrium: a P = 4, Q= 2. b P= 2, Q= 4.    c P = 4, Q= 4. d P = 2, Q = 5.   We refer to a situation where Qs>Qd as a _____. Price will ____ until mkt equilibrium is achieved. a Shortage, increase b Surplus, decrease c Surplus, increase d Shortage, decrease Qd= 800-16P...