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Show your work when you answer the following questions. Suppose that the world price for a good is P w = 80 and the domestic

  • Show your work when you answer the following questions. Suppose that the world price for a good is P w = 80 and the domestic demand & supply curves are given by the following equations: P = 200 – 0.05QD P = 20 + 0.05QS 1. If there is no protection, a. How much is consumed (quantity demanded), how much is produced at home, and what is the quantity imported/exported? (2) b. Calculate the consumer surplus and the producer surplus. (1

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