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Consider the HC, a large open economy, trading a single good. By as- sumption, the HC is an importing nation. The following equations describe demand

Consider the HC, a large open economy, trading a single good. By as- sumption, the HC is an importing nation. The following equations describe demand and supply conditions in the home country. HC demand: P =5 -3Q HC supply: P = 2Q Also, export supply from the rest of the world is given by Export Supply: P = .5+0.6Q 1. Derive the HC's import demand equation. 2. Determine the numerical value of the optimal tariff for the LOE

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