2) Assume that the domestic supply and demand for a good are given by the following equations. Q= 400 - 30 P Q = 50 + 20P a. If the world price is $4, what is the free trade level of imports?Calculate the net welfare effects of a quota of 50 units. (Quota rent captured by the government) Use also graph to show the effects of this quota.

2) Assume that the domestic supply and demand for a good are given by the following equations. Q= 400 - 30 P Q = 50 + 20P a. If the world price is $4, what is the free trade level of imports?Calculate the net welfare effects of a quota of 50 units. (Quota rent captured by the government) Use also graph to show the effects of this quota.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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