(i) Calculate the equilibrium price and quantity in the domestic market of Sri Lanka. (ii) Calculate the price elasticity of demand at the equilibrium price (iii) As a policy maker, if you decided to reduce price, how it affects the income of local sugar producers (iv) In 2020 the price of the world sugar market is $1.50. Assuming a $1.00 tariff per KG no other trade barriers, show the equilibrium of the sugar market in Sri Lanka. (v) In 2021, if the government reduces tariff by $0.50 per KG, how does it affect Sri Lank society (consumers, local producers and the government)? (vi) Without introducing tariffs, how would the government support the local sugar producers in a liberalized economy?

(i) Calculate the equilibrium price and quantity in the domestic market of Sri Lanka. (ii) Calculate the price elasticity of demand at the equilibrium price (iii) As a policy maker, if you decided to reduce price, how it affects the income of local sugar producers (iv) In 2020 the price of the world sugar market is $1.50. Assuming a $1.00 tariff per KG no other trade barriers, show the equilibrium of the sugar market in Sri Lanka. (v) In 2021, if the government reduces tariff by $0.50 per KG, how does it affect Sri Lank society (consumers, local producers and the government)? (vi) Without introducing tariffs, how would the government support the local sugar producers in a liberalized economy?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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