![Price (dollars per shirt] 0 8 16 24 32 40 48 56 64 Quantity (millions of shirts per year) The above figure shows the domestic](http://img.homeworklib.com/questions/e38a5840-7494-11ea-a74b-5732c552cac7.png?x-oss-process=image/resize,w_560)
Homework Answers
a) With no trade the market demand and market supply curves interact and so the domestic equilibrium price is $28 per unit while equilibrium quantity is 32 million units
b) Domestic production at a price of $36 (world price) is 48 million units while domestic consumption is only 16 million units
c) Change in CS = New CS – Old CS = 0.5*(44 – 36)*16 – 0.5*(44 – 28)*32 = -$192 million
Change in PS = New PS – Old PS = 0.5*(36 – 12)*48 – 0.5*(28 – 12)*32 = $320 million
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Price (dollars per shirt] 0 8 16 24 32 40 48 56 64 Quantity (millions of...
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Price (dollars per shirt) 12 0 8 16 24 32 40 48 56 64 Quantity (millions of shirts per year) The above figure shows the domestic supply of and domestic demand for shirts. The world price is $36 per shirt. a. If there is no international trade, what are the equilibrium price and quantity? b. At the world price of $36 per shirt, what is the domestic consumption and domestic production? C. With the change from no international trade to...
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Price (dollars per shirt) . ..... .. .. 16 24 32 40 48 56 64 Quantity (millions of shirts per year) The above figure shows the domestic supply of and domestic demand for shirts. The world price is $36 per shirt. a. If there is no international trade, what are the equilibrium price and quantity? b. At the world price of $36 per shirt, what is the domestic consumption and domestic production? c. With the change from no international trade...
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