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ECON 342 International Trade

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Question 1: The Optimal Tariff Rate

 

Suppose home country Hogwarts is a big country and is a net importer of Bezoar. The demand for Bezoar in the home country is Q = 80 − p. The domestic supply is Q = 2 p − 10 and the foreign country's export supply is Q = 3 p − 6.  

(a) Find the free trade equilibrium, i.e., the equilibrium world price, quantity of domestic demand, quantity of domestic supply, and the quantity of imports.

(b) Suppose the home country decides to impose a tariff of $t per unit on imports of Bezoar. Derive the new equilibrium, express the following as formulas of t, the world price, the domestic price, the quantity of domestic demand, domestic supply, and the quantity of imports

(c) Explain the three changes in national welfare. Write down a mathematical expression for the total change in national welfare as a function of the tariff rate t, in comparison with the free trade scenario.

(d) Give an analytical or mathematical argument for why the optimal tariff is greater than zero.

(e) Calculate the optimal tariff rate t*.

 

ECON 342 International Trade

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Access the article at the URL given above and read it carefully. Based on your reading, answer the questions in the spaces below. Use full sentences and show all necessary working but do not use more space than is given here. Other references are not necessary but, if you do use any (for example, on ...

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1. Outline and explain the rational actor paradigm. Give any two examples of when it has not held.    2. Outline the advantages and disadvantages of using net present value and break even analysis as criteria for assessing a firm’s investment decision.   3. An ice crea ...

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Assessment Assignment questions Short answer questions (references not needed) Question 1 Using a supply and demand model explain why the price of vegetables in Metro Manila almost doubled after Typhoon Goni hit this area in August 2015. (4 marks) Question 2 a. On hearing the federal government's pl ...

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