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The demand for soundbars in a certain economy is Q = 2,100 - 5P, and the supply of soundbars by domestic producers is Q= 10P-
The demand for soundbars in a certain economy is Q = 2,100 - 5P, and the supply of soundbars by domestic producers is Q= 10P- 600, where Q is the quantity of soundbars (per year), and Pis the price of a soundbar (in dollars). Suppose the economy opens to international trade, and the world price of a soundbar is $120. a. The domestic quantity demanded is economy (Click to select) v soundbars per year, the domestic quantity supplied is soundbars per year. soundbars per year. The b. Now suppose the government imposes a tariff of $20 on each soundbar imported. What will happen to the quantity of imports or exports? How much tariff revenue will the government collect? Explain
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