1)"Gasoline prices have increased greatly during the past year. Using economic concepts from class, explain why and mention at least one external shock."     2) What is the effect of an import quota?     Reduce quantity of imported product and decrease price to consumers in importing country     Reduce quantity of imported product and increase price to consumers in importing country     Increase quantity of imported product and decrease price to consumers in importing country     Increase quantity of imported product and increase price to consumers in importing country

1-3 please

2- The demand curve for a good is q = 100 p/c where c is a constant and c ≥ 0. The supply curve for the good is q=10+p. A quantity tax of t=$10 per unit is imposed on this product. a. By how much will the price of the product rise? b. What are the maximum and minimum possible changes in price? C. What is the producer's share of the tax? d. Find the elasticity of demand at p=10. (Assuming c≥ 0.1).

5. (Topic 5) The market for onions a) **Let's assume the domestic demand and supply functions for onions in Australia was given by: QD-165-25P Qs-50P-30 b) Sketch a basic diagram of the Australian market for onions, with calculated domestic equilibrium price and quantity, and label axis intercepts. c) **Australia is a net exporter of onions in the international market. Assuming the world price of onions is currently $3.00 per kg, calculate the quantity of onions produced and consumed domestically, and amount of onions exported, and the value of export sales. d) * Refer to your diagram, and comment on what would happen in the domestic market for onions if we suddenly lost our access to international trade in this market. How does trade affect the welfare of producers and consumers, and the domestic economy overall? Is there a deadweight loss implied by allowing trade? Or not allowing trade? Substantiate