Suppose the world price for a good is 30 and the domestic demand-and-supply curves are given by the following equations and displayed by the figure to the right: Demand: P = 90 - 3Q Supply: P 6+3Q a. At the world price, total domestic consumption is 20 units. b. At the world price, the total amount of home production is 8 units. c. The value of consumer surplus is $600 and the value of producer surplus is $ 96. d. If a tariff of 20 percent is imposed, consumption will become 18 units and domestic production will become 10 units. e. As a result of the tariff, consumer surplus will become $ 100- 90- 80- 70- 60- 50- 40- 30- 20- 10- 0- 0 5 10 15 20 25 S 30 Pw D 5 35 40

Suppose the world price for a good is 30 and the domestic demand-and-supply curves are given by the following equations and displayed by the figure to the right: Demand: P = 90 - 3Q Supply: P 6+3Q a. At the world price, total domestic consumption is 20 units. b. At the world price, the total amount of home production is 8 units. c. The value of consumer surplus is $600 and the value of producer surplus is $ 96. d. If a tariff of 20 percent is imposed, consumption will become 18 units and domestic production will become 10 units. e. As a result of the tariff, consumer surplus will become $ 100- 90- 80- 70- 60- 50- 40- 30- 20- 10- 0- 0 5 10 15 20 25 S 30 Pw D 5 35 40

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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