Consider the market for sneakers. The domestic demand equation is given by P=20−0.6QP=20−0.6Q, and the domestic supply equation is given by P=Q−10P=Q−10. The resulting no-trade equilibrium quantity is_____ and price is ________. Suppose the world supply equation is P=5P=5. The resulting equilibrium price will be _______, the total quantity of sneakers purchased is ________, the quantity of sneakers produced domestically is _______ and the quantity of sneakers imported is then _________. Suppose the government imposes an import tariff on sneakers of $4 per unit. The new equilibrium price of sneakers is _______, total imports will decrease by ________ units of sneakers, and the total revenue collected from the tariff is $______.
Consider the market for sneakers. The domestic demand equation is given by P=20−0.6QP=20−0.6Q, and the domestic supply equation is given by P=Q−10P=Q−10. The resulting no-trade
Suppose the world supply equation is P=5P=5. The resulting
Suppose the government imposes an import tariff on sneakers of $4 per unit. The new equilibrium price of sneakers is _______, total imports will decrease by ________ units of sneakers, and the total revenue collected from the tariff is $______.
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