uppose demand curve and supply curve of Product A in both countries are as follow: Country Demand curve (P = S$) Supply curve (P = S$) Singapore P = 76 - 2Q P = 52 + 2Q Thailand P = 68 – 2Q P = 44 + 2Q (Assume that only two countries above involve in Product A in an international market) a) Compute Singapore import demand curve. b) Compute Thailand export supply curve. c) Compute the world equilibrium price and trade quantity for Product A.
Suppose demand curve and supply curve of Product A in both countries are as follow:
Country |
Demand curve (P = S$) |
Supply curve (P = S$) |
Singapore |
P = 76 - 2Q |
P = 52 + 2Q |
Thailand |
P = 68 – 2Q |
P = 44 + 2Q |
(Assume that only two countries above involve in Product A in an international market)
a) Compute Singapore import demand curve.
b) Compute Thailand export supply curve.
c) Compute the world
d) If Singapore government impose tariff of S$4 per unit of Product A, draw a diagram to illustrate the costs and benefits of tariff for Singapore.
e) Based on the diagram in part (d) above, compute the following:
(i) Producer gain
(ii) Consumer loss
(iii) Government revenue gain
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