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.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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