There are three countries in the world: Country A, Country B, and Country C. These countries have the following domestic demand and supply functions for product Y; SA=30PA, DA=400-10PA; SB=40PB, DB=320-40PB; Sc=40Pc, Dc=240-40PC, where subscripts denote countries of the corresponding variables. Country A imposes a specific tariff of $3 on imported Y regardless of its import source. Characterize the trade equilibrium of this three-country world under this tariff, and do welfare analysis of this policy for Country A. The world equilibrium price of product Y under this tariff = ( Country A (imports/exports/does not trade) product Y (from/to) ( Country B (imports/exports/does not trade) product Y (from/to) ( Country C (imports/exports/does not trade) product Y (from/to) ( Country A (gains/loses) from this policy by the amount of ( ) ) ) in the amount of ( ) in the amount of ( ) in the amount of ( ). ).

There are three countries in the world: Country A, Country B, and Country C. These countries have the following domestic demand and supply functions for product Y; SA=30PA, DA=400-10PA; SB=40PB, DB=320-40PB; Sc=40Pc, Dc=240-40PC, where subscripts denote countries of the corresponding variables. Country A imposes a specific tariff of $3 on imported Y regardless of its import source. Characterize the trade equilibrium of this three-country world under this tariff, and do welfare analysis of this policy for Country A. The world equilibrium price of product Y under this tariff = ( Country A (imports/exports/does not trade) product Y (from/to) ( Country B (imports/exports/does not trade) product Y (from/to) ( Country C (imports/exports/does not trade) product Y (from/to) ( Country A (gains/loses) from this policy by the amount of ( ) ) ) in the amount of ( ) in the amount of ( ) in the amount of ( ). ).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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