Domestic Supply for t-shirts, Qs = 100P - 1000. Domestic Demand, Qd = 1000 -1P. Draw...

Domestic Supply for t-shirts, Qs = 100P - 1000. Domestic Demand, Qd = 1000 -1P. Draw the American (domestic) Market for shirts with an Equilibrium DOMESTIC Price of $19.8 a shirt.

a. The Chinese can supply an unlimited number of shirts for $5.

b. The Vietnamese can supply and unlimited number of shirts for $7 a shirt.

c. Draw in the Chinese and Vietnamese price curves. (flat lines) d. Assuming there is free trade i. How much is domestically produced? ii. How much is domestically demanded?

iii. How much is imported? And from whom?

iv. Label 1. PS 2. CS

e. Now the US government adds a $10 tariff per shirt on CHINESE IMPORTS.

i. How much is domestically produced?

ii. How much is domestically demanded?

iii. How much is imported? AND FROM WHOM?

iv. Label with tariff

1. PS

2. CS

3. GR

4. DWL

v. Did this tariff help any Americans?

please answer bold questions!

Solutions

Expert Solution

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

Domestic Supply for t-shirts, Qs = 100P - 1000. Domestic Demand, Qd = 1000 -1P. Draw...

Domestic Supply for t-shirts, Qs = 100P - 1000. Domestic Demand, Qd = 1000 -1P. Draw the American (domestic) Market for shirts with an Equilibrium DOMESTIC Price of $19.8 a shirt. a. The Chinese can supply an unlimited number of shirts for $5. b. The Vietnamese can supply and unlimited number of shirts for $7 a shirt. c. Draw in the Chinese and Vietnamese price curves. (flat lines) d. Assuming there is free trade i. How much is domestically produced?...

Domestic Supply for t-shirts, Qs = 100P - 1000. Domestic Demand, Qd = 1000 -1P. Draw...

Domestic Supply for t-shirts, Qs = 100P - 1000. Domestic Demand, Qd = 1000 -1P. Draw the American (domestic) Market for shirts with an Equilibrium DOMESTIC Price of $19.8 a shirt. The Chinese can supply an unlimited number of shirts for $5. The Vietnamese can supply and unlimited number of shirts for $7 a shirt. Draw in the Chinese and Vietnamese price curves. (flat lines) Assuming there is free trade How much is domestically produced? How much is domestically demanded?...

Domestic Supply for t-shirts, Qs = 100P - 1000. Domestic Demand, Qd = 1000 -1P. Draw the American...

The original demand (Qd = 600 - 100P) and supply (Qs = 50P) and analyze this...

The original demand (Qd = 600 - 100P) and supply (Qs = 50P) and analyze this new intervention, the subsidy. The subsidy works like this: each tomato seller receives a 3-dollar refund for each tomato sold. • Write down the equation for the new "effective supply" curve. • Determine the new equilibrium quantity and equilibrium price. • What is the price that the consumers will pay for their tomatoes? What is the price that the producers will effectively earn for...

10. Suppose the domestic supply (QS) and demand (QD) for skateboards in the United States are...

10. Suppose the domestic supply (QS) and demand (QD) for skateboards in the United States are given by the following set of equations: QS = –60 + 3P QD = 390 – 2P In the absence of trade with the rest of the world, the consumer surplus in the United States skateboard market equals _____ and the producer surplus equals_____. a. $7,050; $11,525 b. $31,500; $9,450 c. $20,474; $7,350 d. $11,025; $7,350 11. Suppose the domestic supply (QS) and demand...

The market for Soda was represented by the following demand and supply: Qd= -100P + 1150...

The market for Soda was represented by the following demand and supply: Qd= -100P + 1150 and Qs= 400P +100. After the FDA required additional information on calories on labels, the cost to the Bottling Co. increased and the Supply shifted to Qs= 400P + 150 a. What is the Pre-Regulation equilibrium quantity and price? b. What is the Post-Regulation Equilibrium price and quantity? c. What is the pre and post regulation producer surplus? d. Based on the change in...

Question 1 Supply= Qs=2000+230P Demand= Qd=4050-260P A. Draw Supply and Demand curve B.Price and Quantity on...

Question 1 Supply= Qs=2000+230P Demand= Qd=4050-260P A. Draw Supply and Demand curve B.Price and Quantity on Equilibrium point C. Demand and supply elasticity

The supply and demand for squash are given by QD = 200,000 – 50,000P and QS...

The supply and demand for squash are given by QD = 200,000 – 50,000P and QS = 90,000P – 80,000, where P is price per pound and Q measures pounds of squash. a. What is the level of consumer surplus at the equilibrium price? b. What is the level of producer surplus at the equilibrium price?

The demand and supply for a good are respectively QD = 80 – 5P and QS...

The demand and supply for a good are respectively QD = 80 – 5P and QS = - 40 + 20P. 1) Determine the equilibrium price. 2) Determine the equilibrium quantity. Suppose the government imposes a unit tax of 1.5 on producers. 3) Determine the price paid by consumers. 4) Determine the size of the tax that is supported by consumers. 5) Determine the price received by producers. 6) Determine the size of the tax that is supported by producers....

If demand for toys is QD = 500 – 10P and supply is Qs = 100...

If demand for toys is QD = 500 – 10P and supply is Qs = 100 + 10P, answer the following questions using calculus: a. If the government imposes a restriction that price per toy cannot exceed $15, calculate the ΔCS, ΔPS, and DWL from the price ceiling. b. If the government imposes a restriction that price per toy cannot be lower than $18, calculate the ΔCS, ΔPS, and DWL from the price floor. c. If the government promises toy...

Subjects