The figure below shows the hypothetical domestic supply and demand for baseball caps in the country of Spain. The world price is also shown on the graph. Suppose that there are currently no import restrictions on baseball caps and that Spanish consumers are indifferent between domestic and imported baseball caps. Now suppose that because of intense lobbying by domestic baseball cap manufacturers, the Spanish government decides to impose an import quota of 20,000 baseball caps per month. a. Use the graph below to show the effect of this import quota on domestic supply in this market. Instructions: Use the tool provided, 'Sd+Q,' to show the new total supply curve in the domestic market after the import quota takes effect. Plot only the endpoints of the line.

The figure below shows the hypothetical domestic supply and demand for baseball caps in the country of Spain. The world price is also shown on the graph. Suppose that there are currently no import restrictions on baseball caps and that Spanish consumers are indifferent between domestic and imported baseball caps. Now suppose that because of intense lobbying by domestic baseball cap manufacturers, the Spanish government decides to impose an import quota of 20,000 baseball caps per month. a. Use the graph below to show the effect of this import quota on domestic supply in this market. Instructions: Use the tool provided, 'Sd+Q,' to show the new total supply curve in the domestic market after the import quota takes effect. Plot only the endpoints of the line.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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