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Ques 1: Calculate amount of imports for question 1,2,3 and 4 below For a particular product, Country A's supply and demand are represented by the

Ques 1: Calculate amount of imports for question 1,2,3 and 4 below

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For a particular product, Country A's supply and demand are represented by the following functions: Q. = 0 + P; Q. = 52 - P. Suppose Country A is a small country (it takes the world price as given) and the free-trade world price is $10. Numerical answers are required for the questions. (12 points; 3 points each) (1) If the government of Country A imposes a 100% tariff on the imports, how much does Country A import? Your answer: 1P CU (2) Moving from free trade to the 100% tariff, by how much does the consumer's surplus change? (Positive number means a gain; a negative number means a loss) Your answer: $ (3) Moving from free trade to the 100% tariff, by how much does the QUEST producer's surplus change? (Positive number means a gain, a negative Whic number means a loss) Your answer: $ (4) Moving from free trade to the 100% tariff, what is the deadweight loss for Country A caused by the tariff? D

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