Question 2 The demand for Laptops in a certain country is given by D = 20000 100P; Where P is the price of a laptop. Supply by domestic laptop producers is S = 12000 + 100P. (a) Assuming that the economy is closed, nd the equilibrium price and production quantity of laptops. (3 marks) (b) The economy opens to trade. The world price of a laptop is $30. Find the domestic quantities demanded and supplied and the quantity of imports or exports. Who will support the opening of the laptop market to trade and Who Will oppose it? (4 marks) (0) The government imposes a tariff of $4 per laptop. Find the effects on domestic quantities demanded and supplied and on the quantity of imports 0r exports. Also nd the tariff revenue collected by government. Who will support the imposition of tariff and Who will oppose it? (4 marks) (d) Suppose the government imposes an import quota of 1200 laptops. Find the equilibrium price in the domestic laptop market, as well as the quantities produced by domestic firms and purchased by domestic consumers. (4 marks)