Homework Answers
Since only answer to question 3 is required, detailed derivation of import demand and export supply functions from questions 1 & 2 are not shown. Also, question 4 is not shown since specifically question 3 is mentioned.
Please find the answer to Q3 in the images attached.
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can you answer question 3 only plz thank you i need it as soon as possible Home demand: D 100-20P Home supply: S 30+20P What is the import demand schedule in home country, what is the equilibrium...
a) home's demand curve for wheat is: D=100 - 20P its supply curve is: S= 20...
a) home's demand curve for wheat is: D=100 - 20P its supply curve is: S= 20 + 20P. Derive and graph Home's import demand schedule. what would the price of wheat be in the absence of trade? b) Now add Foreign, which has a demand curve D* = 80 - 20P, and a supply curve S* = 40 + 20P. i) Derive and graph Foreign's export supply curve and find the price of wheat that would prevail in Foreign in...
Roblem 2: Trade Policy. demand for cars in Home is q 30 - P and the supply of cars in Home is q -...
E-H ONLY. THERE ARE THREE PICTURES
updated figure 2
roblem 2: Trade Policy. demand for cars in Home is q 30 - P and the supply of cars in Home is q -P. The demand for cars in Foreign is q 20-P and the supply of cars in Foreign is q P. a) Calculate the equilibrium price and quantity in each country under isolation. b) Who is the importer of cars and who is the exporter? c) Write the import...
We have the following demand and supply curves for clothing for the home and foreign economies....
We have the following demand and supply curves for clothing for the home and foreign economies. Home Foreign Supply QC = -20 + 10P QC* = -20 + 20P* Demand DC = 100 - 10 P DC* = 100 - 20P* a. Compute the autarky price and quantities for both countries. b. Compute the world price and quantity traded under free trade. Also compute the quantities supplied and demanded for the home and foreign country individually. c. Draw two graphs,...
Home's Domestic Demand and supply curves for shoes are D = 500-10P and S = 300+20P....
Home's Domestic Demand and supply curves for shoes are D = 500-10P and S = 300+20P. Foreign's domestic demand and supply curves for the same type of shoes are D = 1000-10P and S = 200 + 40P. Problem 2.1 (3 points each). (a) Find the autarky price and quantity for each country. If the countries trade, which country will export shoes? (b) Derive algebraically the import demand and export supply functions. Find the price and volume of trade with...
Consider two countries and a single good produced competitively. At Home, the supply and demand curves...
Consider two countries and a single good produced competitively. At Home, the supply and demand curves for this good are given by the following expressions where q' is quantity supplied and is quantity demanded: q"(p) = 100 + 2002 (P) = 1900 - 400p. In the foreign country, these curves are given by the following expressions where asterisks denote that they are foreign q** (P) = 100p q4*(p) = 600 -200p. 1. Solve for the closed economy (autarky) equilibrium price...
7. On the graph below, using Supply and Demand, show what happens if a "small" country...
7. On the graph below, using Supply and Demand, show what happens if a "small" country implements a tariff in an import industry. Draw the necessary domestic demand and supply curves. Be sure to label the axes and any curves. Show where the domestic market clearing price is, the World Price, and the price in the market are after the tariffs are implemented. Indicate the areas of Consumer Surplus, Producer Surplus, Government Revenue, and Deadweight Loss under the tariff. (5...
Suppose that the demand curve and supply functions are qD = 300−5p and qS = 100+20p,...
Suppose that the demand curve and supply functions are qD = 300−5p and qS = 100+20p, respectively. (a) On the same graph, draw the demand and supply curves with price on the vertical axis. (b) What is the quantity and price in the equilibrium? (c) Calculate consumer surplus and producer surplus. (d) Suppose the government implements a $5 dollar per unit sales tax. i. Calculate the new quantity and the price paid by the consumer. ii. Calculate the consumer surplus,...
The U.S. (Home country) and Japan (Foreign country) are trading with each other in the auto...
The U.S. (Home country) and Japan (Foreign country) are trading with each other in the auto industry. Both are large countries in this market for cars. The U.S. imports cars from Japan. The U.S. demand curve for cars is given by: D =210 – 30P The U.S. supply curve for cars is given by: S = 30+ 30P Japan’s demand curve for cars is given by: D* = 50 – 10P Japan’s supply curve for cars is given by: ...
Suppose we have the following demand and supply functions (taken from Ass HOME Demand P 100-...
Suppose we have the following demand and supply functions (taken from Ass HOME Demand P 100- 2Q Suppl PhQ FOREIGN Demand P 2002Q Supply P Q 2: Two-country model with EXPORT TARIFFS: use the functions above. Suppose the exporter imposes an export tax of S2 per unit. Calculate the new equilibrium world price. What are the tariff-ridden domestic prices? (2 points) a) Find the change in Consumer and Producer Surplus in each country. Recall that export tariffs need to be...
(2) DeCecco is a small country which is currently not trading. The country makes pounds of...
(2) DeCecco is a small country which is currently not trading. The country makes pounds of dry pasta. The demand for pasta is a = 100 - 10P, and the supply of pasta is Os = 10P - 20 where the units for Od and Qs is millions of pounds. raw the demand and supply curves for pasta in DeCecco country. In autarkv what is the equilibrium price, quantity demanded and quantity supplied for pasta? Is there a difference in...
E-H ONLY. THERE ARE THREE PICTURES
updated figure 2
roblem 2: Trade Policy. demand for cars in Home is q 30 - P and the supply of cars in Home is q -P. The demand for cars in Foreign is q 20-P and the supply of cars in Foreign is q P. a) Calculate the equilibrium price and quantity in each country under isolation. b) Who is the importer of cars and who is the exporter? c) Write the import...
Consider two countries and a single good produced competitively. At Home, the supply and demand curves for this good are given by the following expressions where q' is quantity supplied and is quantity demanded: q"(p) = 100 + 2002 (P) = 1900 - 400p. In the foreign country, these curves are given by the following expressions where asterisks denote that they are foreign q** (P) = 100p q4*(p) = 600 -200p. 1. Solve for the closed economy (autarky) equilibrium price...
7. On the graph below, using Supply and Demand, show what happens if a "small" country implements a tariff in an import industry. Draw the necessary domestic demand and supply curves. Be sure to label the axes and any curves. Show where the domestic market clearing price is, the World Price, and the price in the market are after the tariffs are implemented. Indicate the areas of Consumer Surplus, Producer Surplus, Government Revenue, and Deadweight Loss under the tariff. (5...
Suppose we have the following demand and supply functions (taken from Ass HOME Demand P 100- 2Q Suppl PhQ FOREIGN Demand P 2002Q Supply P Q 2: Two-country model with EXPORT TARIFFS: use the functions above. Suppose the exporter imposes an export tax of S2 per unit. Calculate the new equilibrium world price. What are the tariff-ridden domestic prices? (2 points) a) Find the change in Consumer and Producer Surplus in each country. Recall that export tariffs need to be...
(2) DeCecco is a small country which is currently not trading. The country makes pounds of dry pasta. The demand for pasta is a = 100 - 10P, and the supply of pasta is Os = 10P - 20 where the units for Od and Qs is millions of pounds. raw the demand and supply curves for pasta in DeCecco country. In autarkv what is the equilibrium price, quantity demanded and quantity supplied for pasta? Is there a difference in...
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