Project Description:

assume the nation of australia is “small” and thus unable to influence world price. its demand and supply schedules for tv sets are shown in table 4.13. using graph paper, plot the demand and supply schedules on the same graph. (i need a plot in excel)!

determine australia’s market equilibrium for tv sets.

what is the equilibrium price and quantity?

calculate the value of australian consumer surplus and producer surplus.

under free trade conditions, suppose australia imports tv sets at a price of $100 each. determine the free trade equilibrium, and illustrate graphically.

how many tv sets will be produced, consumed, and imported?

calculate the dollar value of australian consumer surplus and producer of surplus

see attached file for table
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