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Suppose that the domestic demand and supply for shoes in a small open economy

are given by

P= 100 - 2Q(demand)

€

P = 4 + Q(supply)

where P denotes price and Q denotes quantity.

a. What are the autarky price of shoes and the quantity produced?

b. What are the levels of domestic production, consumption, and imports if the world price is $10?

c. How do your answers in part b change if this country were to impose a tariff of 3$

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9676231

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