The domestic market supply function is Qs = 50 + 5P The domestic demand function is QD = 100 - 5P The world price is 2. Is this country importing or exporting the commodity and how much ?

The demand and supply functions for a product in a large country are given as Qd = 130 – 3P and Qs = -30 + 2P respectively. The world price is 20$ and the large country imposes an ad valorem tariff of %50. After the imposition of tariff world price decreases to 16$. Calculate the change in consumer surplus, producer surplus, government revenue and social welfare after the imposition of tariff.

When a country opens its markets to international trade, if the world price is ________(lower/higher) than the domestic equilibrium price, quantity supplied from foreign producers will rise.

Economics Question

All of the following statements about import tariffs are true except   Group of answer choices they result in countries selling the product at a lower price to domestic consumers they reduce the volume of trade and the gains from trade they limit specialization and the division of labor they yield revenue for the government that levies tariffs

Predict what happen to the international price and quantity traded of the manufactured good in Figure 1.4 with an improvement in technology in the domestic market.

The following graph shows the domestic supply of and demand for maize in Burundi. The world price (Pw) of maize is $270 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. 450 Domestic Demand Domestic Supply 430 410 390 370 350 330 310 290 P 270 250 40 80 120 180 200 240 280 320 360 400 QUANTITY (Tons of maize) If Burundi is open to international trade in maize without any restrictions, it will import tons of maize. Suppose the Burundian government wants to reduce imports to exactly 160 tons of maize to help domestic producers. A tariff of per ton will achieve this. A tariff set at this level would raise $ in revenue for the…

Suppose you have the following for white t-shirts market:Market demand is P=125-(3/8)QMarket supply is P=5+(1/8)Q. Suppose it is now possible to obtain white t-shirts from the rest of the world at $15 per item at anygiven quantity. In other words, there is now a global supply that is horizontal at $15.a. Obviously the world price and domestic price will now be $15. Calculate the quantityproduced and demanded domestically. Calculate the difference as imports from the rest of theworld.b. Calculate the CS (Consumer Surplus) and PS (Producer Surplus) under free trade. Who gainswith free trade? Who loses?Hint: Use graphs first.

Domestic Demand supply Domestic supply + imports $8 C $4 Qs Q Qd International Trade Two trading partners expand a previous free trade agreement to include sugar. What is the new domestic price of sugar? Provide your answer below:

​Foreign's demand curve for wheat is p*=8-1/20q*d. Its supply curve is p*=2+1/20q*s   Determine the effect of the tariff on