9. Demand and Supply TV Schedule Total Price of TV Quantity demanded Quantity US S Supplied...

 

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9. Demand and Supply TV Schedule Total Price of TV Quantity demanded Quantity US S Supplied 600 500 400 300 200 1100 0 10 10 120 30 40 150 60 60 150 140 30 20 10 o Based on the provided figures in the above table A) Under no international trade (domestic free market) 1) Determine the equilibrium price and quantity of TV. (This is in a closed economy) 2) calculate the amount of consumer and producer surplus B) Under an open economy: determine the producer and consumer surplus when price of TV is reduced by $200 from the original equilibrium to a new equilibrium due to free trade with the outside world 2)determine the number of imported TV sets 3) what is the size of domestic TV products? C) Under tariff regime when the government applies a tariff of $100 on each imported TV 1) determine the consumer and producer effect 2) the total amount of revenue the government collects 3) determine the size of domestic and imported products 4) Summarize in one paragraph how the three scenarios affect the consumer, producers, government, and the overall economy. After going over the above calculation, do you think trade barrier will benefit the country applying such measure? Discuss. 9. Demand and Supply TV Schedule Total Price of TV Quantity demanded Quantity US S Supplied 600 500 400 300 200 1100 0 10 10 120 30 40 150 60 60 150 140 30 20 10 o Based on the provided figures in the above table A) Under no international trade (domestic free market) 1) Determine the equilibrium price and quantity of TV. (This is in a closed economy) 2) calculate the amount of consumer and producer surplus B) Under an open economy: determine the producer and consumer surplus when price of TV is reduced by $200 from the original equilibrium to a new equilibrium due to free trade with the outside world 2)determine the number of imported TV sets 3) what is the size of domestic TV products? C) Under tariff regime when the government applies a tariff of $100 on each imported TV 1) determine the consumer and producer effect 2) the total amount of revenue the government collects 3) determine the size of domestic and imported products 4) Summarize in one paragraph how the three scenarios affect the consumer, producers, government, and the overall economy. After going over the above calculation, do you think trade barrier will benefit the country applying such measure? Discuss.

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Question A 1 The equilibrium price and quantity is at point where demand curve interse... View the full answer