Question
In: Economics
3. The domestic demand for salmon in the U.S. has an inverse demand curve of p...
3. The domestic demand for salmon in the U.S. has an inverse demand curve of p = 150 -3Q. The domestic supply of salmon has an inverse supply curve of p = .050Q. The price is $ per pound of salmon and Q is in millions of pounds of salmon. Assume that the market for salmon is perfectly competitive in a global marketplace.
a. Provide a graph of the domestic supply and demand for salmon and then calculate and show the domestic supply and demand at a world price of $9 per pound.
b. If the U.S. government puts a tariff of $3 per pound on salmon, calculate and show the effects of this tariff on the market for salmon, calculating a new quantity demanded and supplied.
c. Calculate and explain the effects of the tariff on consumer surplus, producer surplus, government revenues and welfare (deadweight loss).
d. Without reworking all of your answers, how would your answer to c. change if the U.S. government placed a quota on salmon instead of a tariff? Explain your answer.
** please answer with detailed math, clear explanation+ graph ***
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
3. The domestic demand for salmon in the U.S. has an inverse demand curve of p...
3. The domestic
demand for salmon in the U.S. has an inverse demand curve of p =
150 -3Q. The domestic supply of salmon has an inverse supply curve
of p = .50Q. The price is $ per pound of salmon and Q is in
millions of pounds of salmon. Assume that the market for salmon is
perfectly competitive in a global marketplace.
a. Provide a graph
of the domestic supply and demand for salmon and then calculate and
show...
3. The domestic demand for salmon in the U.S. has an inverse demand curve of p...
3. The domestic demand for salmon in the U.S. has an inverse
demand curve of p = 150 -3Q. The domestic supply of salmon has an
inverse supply curve of p = .050Q. The price is $ per pound of
salmon and Q is in millions of pounds of salmon. Assume that the
market for salmon is perfectly competitive in a global
marketplace.
a. Provide a graph of the domestic supply and demand for salmon
and then calculate and show...
The domestic demand for salmon in the U.S. has an inverse demand curve of p =...
The domestic demand for salmon in the
U.S. has an inverse demand curve of p = 150 -3Q. The domestic
supply of salmon has an inverse supply curve of p = .050Q. The
price is $ per pound of salmon and Q is in millions of pounds of
salmon. Assume that the market for salmon is perfectly competitive
in a global marketplace.
a.
Provide a graph of the domestic supply and demand for salmon and
then calculate and show the...
The domestic demand for salmon in the U.S. has an inverse demand curve of p =...
The domestic demand for salmon in the U.S. has an inverse demand
curve of p = 150 -3Q. The domestic supply of salmon has an inverse
supply curve of p = .50Q. The price is $ per pound of salmon and Q
is in millions of pounds of salmon. Assume that the market for
salmon is perfectly competitive in a global marketplace.
a. Provide a
graph of the domestic supply and demand for salmon and then
calculate and show the...
Q: The domestic demand for salmon in the U.S. has an inverse demand curve of p...
Q: The domestic demand for salmon in the U.S. has an inverse
demand curve of p = 150 -3Q. The domestic supply of salmon has an
inverse supply curve of p = .50Q. The price is $ per pound of
salmon and Q is in millions of pounds of salmon. Assume that the
market for salmon is perfectly competitive in a global
marketplace.
a. Provide a graph of the domestic supply and demand for salmon
and then calculate and show...
2. The inverse demand curve for wheat is p = 10 – 0.10Q and the inverse...
2. The inverse
demand curve for wheat is p = 10 – 0.10Q and the inverse supply
curve is p = 0.40Q, where p = dollars per bushel and Q is billions
of bushels of wheat. Wheat is bought and sold in a perfectly
competitive market.
a. Provide a graph
of the market for wheat and calculate and show the equilibrium
price and quantity (in billions of bushels) in the market.
b. If the
government provides a price support of...
Monopoly with linear inverse demand. Consider a monopolist facing a linear inverse demand curve p(q)= a-...
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2. The inverse demand curve of a monopolist is given by: P = 200 −...
2.
The inverse demand curve of a monopolist is given by:
P = 200 − Q
and the marginal cost is constant at $10, how does charging the
monopoly a specific tax of τ=$12 per unit affect the monopoly
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equilibrium price and quantity after the tax
the change in consumer surplus
the...
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monopoly manufacturer M Ltd. at a manufacturing price of...
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