(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? (In addition to all calculations, draw the supply and demand curves to explain your answer in each section)

(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? (In addition to all calculations, draw the supply and demand curves to explain your answer in each section)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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