A particular metal is traded in a highly competitive world market at a world price of $9.3 per ounce. Unlimited quantities are available for import into Canada at this price. The supply of this metal from domestic Canadian producers can be represented by Qs = 222 + 58P and the demand for the metal in Canada is Qd = 2044 -79P, where Qs and %3D Qd are in units of million ounces and P is the price per ounce. The Canadian government plans to impose an import quota of 240 million ounces per year. What is the net domestic loss to the Canadian economy as a result of the import quota? Answer: $ million (DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER. ENTER YOUR RESPONSE ROUNDED TO2 DECIMAL PLACES, AND NO SEPARTOR FOR THOUSANDS.)
A particular metal is traded in a highly competitive world market at a world price of $9.3 per ounce. Unlimited quantities are available for import into Canada at this price. The supply of this metal from domestic Canadian producers can be represented by Qs = 222 + 58P and the demand for the metal in Canada is Qd = 2044 -79P, where Qs and %3D Qd are in units of million ounces and P is the price per ounce. The Canadian government plans to impose an import quota of 240 million ounces per year. What is the net domestic loss to the Canadian economy as a result of the import quota? Answer: $ million (DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER. ENTER YOUR RESPONSE ROUNDED TO2 DECIMAL PLACES, AND NO SEPARTOR FOR THOUSANDS.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![A particular metal is traded in a highly competitive world market at a world price of $9.3
per ounce. Unlimited quantities are available for import into Canada at this price. The
supply of this metal from domestic Canadian producers can be represented by Qs =
222 + 58P and the demand for the metal in Canada is Qd = 2044 - 79P, where Qs and
Qd are in units of million ounces and P is the price per ounce. The Canadian
government plans to impose an import quota of 240 million ounces per year. What is
the net domestic loss to the Canadian economy as a result of the import quota?
Answer: $
million
(DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL
ANSWER. ENTER YOUR RESPONSE ROUNDED TO 2 DECIMAL PLACES, AND
NO SEPARTOR FOR THOUSANDS.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fabfa8b38-d4eb-43aa-9540-55745c7544f6%2F026afc77-1f11-47e6-bc58-76733c195616%2Fpcjtvz3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A particular metal is traded in a highly competitive world market at a world price of $9.3
per ounce. Unlimited quantities are available for import into Canada at this price. The
supply of this metal from domestic Canadian producers can be represented by Qs =
222 + 58P and the demand for the metal in Canada is Qd = 2044 - 79P, where Qs and
Qd are in units of million ounces and P is the price per ounce. The Canadian
government plans to impose an import quota of 240 million ounces per year. What is
the net domestic loss to the Canadian economy as a result of the import quota?
Answer: $
million
(DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL
ANSWER. ENTER YOUR RESPONSE ROUNDED TO 2 DECIMAL PLACES, AND
NO SEPARTOR FOR THOUSANDS.)
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