Homework Answers
Answer 1. $1800
reason- Consumer surplus=0.5(120-90)(120)= $1800
Answer 2. 48
reason- World price=$80
tariff=$2. new world price= $82
82=120-0.25Qd
Qd=152
82=30+0.5Qs
Qs=104
Import= 152-104= 48
Answer 3. $3600
reason- Producer surplus=0.5(90-30)(120)=$3600
Answer 4. Equilibrium Price=$90
Answer 5. Equilibrium quantity=120
Reason-
Equilibrium
120-0.25Q=30+0.5Q
Equilibrium quantity Q*= 120
Equilibrium Price P*= 30+0.5*120=$90
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