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Suppose US demand for steel is p = 150 -0.2q*and domestic (US) supply is P = 10 + 0.1q* and foreignsupply is P = 10 : 0.05q *FORDetermine the total supply curve (foreign and domestic) for steel.b. What is the equilibrium price and quantity of steel with no trade restrictions? C. Now suppose that a quota of 100 units of foreign steel is imposed. What is the equilibrium price and quantity of steel? On a single graph, show situations from b and c, including the relevant supply curves.d. Who wins and who loses with the quota from part c? they have to be converted to standard form first

Suppose US demand for steel is p = 150 -0.2q*and domestic (US) supply is P = 10 + 0.1q* and foreignsupply is P = 10 : 0.05q *FORDetermine the total supply curve (foreign and domestic) for steel.b. What is the equilibrium price and quantity of steel with no trade restrictions? C. Now suppose that a quota of 100 units of foreign steel is imposed. What is the equilibrium price and quantity of steel? On a single graph, show situations from b and c, including the relevant supply curves.d. Who wins and who loses with the quota from part c? they have to be converted to standard form first

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter9: Application: International Trade
Section: Chapter Questions
Problem 7PA
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Suppose US demand for steel is p = 150 -0.2q*and domestic (US) supply is P = 10 + 0.1q* and foreignsupply is P = 10 : 0.05q *FORDetermine the total supply curve (foreign and domestic) for steel.b. What is the equilibrium price and quantity of steel with no trade restrictions? C. Now suppose that a quota of 100 units of foreign steel is imposed. What is the equilibrium price and quantity of steel? On a single graph, show situations from b and c, including the relevant supply curves.d. Who wins and who loses with the quota from part c? they have to be converted to standard form first
Transcribed Image Text:Suppose US demand for steel is p = 150 -0.2q*and domestic (US) supply is P = 10 + 0.1q* and foreignsupply is P = 10 : 0.05q *FORDetermine the total supply curve (foreign and domestic) for steel.b. What is the equilibrium price and quantity of steel with no trade restrictions? C. Now suppose that a quota of 100 units of foreign steel is imposed. What is the equilibrium price and quantity of steel? On a single graph, show situations from b and c, including the relevant supply curves.d. Who wins and who loses with the quota from part c? they have to be converted to standard form first
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