2) Assume that the domestic supply and demand for a good are given by the following equations. Q= 400 - 30 P Q = 50 + 20P b. Imposing %25 tariff is much better than imposing a quota of 50 units, when net welfare cost is considered. Do you agree or disagree? When answering this question, assume that all the quota rents will be gained by the government.

2) Assume that the domestic supply and demand for a good are given by the following equations. Q= 400 - 30 P Q = 50 + 20P b. Imposing %25 tariff is much better than imposing a quota of 50 units, when net welfare cost is considered. Do you agree or disagree? When answering this question, assume that all the quota rents will be gained by the government.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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