The domestic market supply function is Qs = 50 + 5P The domestic demand function is QD = 100 - 5P The world price is 2. Is this country importing or exporting the commodity and how much ?
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- Belgium is a small country which produces and consumes gooseberries. The quantity demand of gooseberries is Qd= 120-4P, and quantity supply is Qs= 2P in Belgium. If world price of gooseberries is Rs 15 then Belgium will export or import gooseberries and by how much?At a world price of $60, will the domestic quantity supplied be greater than, less than, or equal to the domestic quantity demanded? I have no clue.What will the effect of the new price for dollars be on export trade between South Africa and the United States
- Explain with the help of a graph the effect of an increase in the relative price of the exported good of a country on its welfare.Suppose India decides to remove the tariff, show the effect of this change on India’s imports on the graph. Clearly label the new domestic quantity demanded and the quantity supplied. You must use the same graph as you have drawn in answer to Part a to show this new scenario. How does this policy affect consumers, producers, and the government in India? You only have to state who benefits or harms from the policySuppose the government of the U.S. wants to protect the domestic sugar industry by restricting sugar imports. Suppose the U.S. produces sugar domestically according to the supply curve QS = P, and suppose the domestic demand for sugar is QD = 8 – P. The world price of sugar is $2. For price of sugar, the units are $/lb., and for quantity of sugar, the units are 1,000,000 Ibs./year.
- Market demand for steel in Econland is given by the domestic demand function of QD-40-4P. The domestic supply of steel is given by QS-P. P is the price of steel per gram. For years, Econland has not traded with the world in the steel market. However, a new president has taken office, and she decides to open up trade agreements with the rest of the world. The world price of steel is $4 per gram. By how much do Producer, Consumer and Total Surplus change? OPS decreases by 24. CS decreases by 64. Total surplus decreases by 88. PS decreases by 24. CS increases by 64. Total surplus increases by 40. PS increases by 32. CS increases by 8. Total surplus increases by 40 PS decreases by 32. CS increases by 8. Total surplus decreases by 26 None of the aboveThe figure below shows the hypothetical domestic supply and demand for baseball caps In the country of Spaln. Domestic Supply and Demand for Baseball Caps Spain 10 9. 8. 1 10 20 30 40 50 60 70 80 90 100 Baseball caps (thousands per month) Suppose that the world price of baseball caps is €3 and there are no Import restrictions on this product. Assume that Spanish consumers are Indifferent between domestic and Imported baseball caps. Instructions: Enter your answers as whole numbers. a. What quantity of baseball caps will domestic suppliers supply to domestc consumers? 10 O thousand b. What quantity of baseball caps will be Imported? 80 thousand Now suppose a tariff of €2 is levied agalnst each Imported baseball cap. C. After the taniff is Implemented, what quantity of baseball caps will domestic suppliers supply to domestic consumers? 20 thousand d. After the tariff Is Implemented, what quantity of baseball caps will be Imported? 60 thousand Price (€ per cap)Domestic Market For Steel, Alpha Qd 10 20 30 40 50 60 40 30 20 10 P Qs 80 70 60 50 40 $5 P 4 Domestic Market For Steel, Beta Qd 20 30 40 50 60 3 2 $5 4 3 2 The accompanying tables show data for the hypothetical nations of Alpha and Beta. Q, is domestic quantity supplied, and Q is domestic quantity demanded. Alpha's export supply is represented by
- The figure below shows the hypothetical domestic supply and demand for baseball caps in the country of Spain. Domestic Supply and Demand for Baseball Caps Spain 10 Sa 8 X 2 1 0 10 20 30 40 50 60 70 80 90 100 Baseball caps (thousands per month) Suppose that the world price of baseball caps is €1 and there are no Import restrictions on this product. Assume that Spanish consumers are indifferent between domestic and Imported baseball caps. Instructions: Enter your answers as whole numbers. a. What quantity of baseball caps will domestic suppliers supply to domestic consumers? thousand b. What quantity of baseball caps will be imported? thousand Now suppose a tariff of €3 is levied against each Imported baseball cap. c. After the tariff is Implemented, what quantity of baseball caps will domestic suppliers supply to domestic consumers? thousand d. After the tariff Is Implemented, what quantity of baseball caps will be imported? thousand Price (€ per cap) 65 3₂The demand for cameras in a certain country is given by D = 8000 - 30P, where P is the price of a camera. Supply by domestic camera producers is S 4000 + 10P. Suppose that world price of a camera is $150. If this country decides to trade, which of the following is true? 3000 cameras will be exported Domestic production of cameras will decrease by 500 Domestic production of cameras will increase by 500 2000 cameras will be importedIf a smaller country imports a good (electronics) from a larger country, is it beneficial for the smaller countryto impose quotas on the good coming from the larger country. Will this affect the consumers of electronics, the domestic producers of electronics and the government?
