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Introductory Economics Add in library

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1. The demand for wheat in a country is QD = 200 − 2P, and supply is QS = −20 + 2P, where P is price in pounds and Q is quantity in tonnes. (a) Find the no-trade equilibrium price and quantity in the market. What are the values of consumer and producer surplus in equilibrium? (b) The government decides to open the domestic market to imports. The world price of wheat is £20 per tonne. In order to safeguard farming the government sets a tariff of £20 per tonne. Illust ...

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Tags: United Kingdom Guildford Economics Economics Economics University of London Economics-SCU82 

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