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Assume perfect competition. Summerland is a small country that takes world price of corn as given. Its domestic supply and demand for corn is given by the following:
Demand: D = 45 - 3P Supply: S = 3p - 9
a. Assume initially that Summerland does not open to trade. What is the autarky equilibrium price and quantity?
b. Suppose Summerland decides to engage in trade. Determine the quantity demanded, the quantity supplied, and import given the world price of $6 per bushel of corn.
c. If the government of Summerland imposes a tariff in the amount of $1 (i.e., t=$1), what is the new domestic price? What is the amount imported?
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