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Assume Home's Demand curve for Wheat is:D=100-20P Home's Supply Curve is:S=20+20P Foreign's Demand curve for Wheat is:D=80-20P Foreign's Supply Curve is:S=40+20P Foreign exports wheat. The

Assume

Home's Demand curve for Wheat is:D=100-20P

Home's Supply Curve is:S=20+20P

Foreign's Demand curve for Wheat is:D*=80-20P

Foreign's Supply Curve is:S*=40+20P

Foreign exports wheat. The international price of wheat is $1.5 when there is free trade.

Assume that Home's government imposes a $.70 per ton of wheat tariff, what will be the new home price and the new world price?

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