Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 7.1, Problem 1QQ
To determine
The consumer surplus and demand curve for turkey.
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Problem 1
Home's demand curve for books is D = 45 - 6P. Its supply curve is S = 9 + 6P.
Derive and graph Home's import demand schedule. What would the price of books be in
the absence of trade?
The graph shows the car market in Mexico when Mexico places no restriction on the quantity of cars imported. The world price of a car is $10,000.
Suppose the government of Mexico introduces an import quota on imported cars of 4 million a year.
Draw a line that shows the effect of the import quota on supply. Label it S +
quota.
Label it.
Draw a point to show the quantity of cars bought in Mexico and the price paid.
When the government of Mexico introduces an import quota of 4 million cars, Mexico imports
nothing
million cars and produces
nothing
million cars.
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Principles of Microeconomics
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