Bullthe table and graph shown below illustrate the demand

Assignment Help Microeconomics

Reference no: EM13371340

• The table and graph shown below illustrate the demand and supply schedules for television sets in Venezuela, a "small" nation that is unable to affect world prices.

2317_Calculate the quotas redistributive effect.png

In addition to the answer for each item below, describe in a few sentences how you solved each part of the problem. (This will allow the instructor to assign partial credit in case an answer is incorrect.)

• Suppose Venezuela imports TV sets at a price of $150 each. Under free trade, how many sets does Venezuela produce, consume, and import?

• Assume that Venezuela imposes a quota that limits imports to 300 TV sets. Determine the quota induced price increase and the resulting decrease in consumer surplus.

• Calculate the quota's redistributive effect, consumption effect, protective effect, and revenue effect.

• Assuming that Venezuelan import companies organize as buyers and bargain favorably with competitive foreign exporters, what is the overall welfare loss to Venezuela as a result of the quota?

• Suppose that Venezuelan exporters organize as a monopoly seller. What is the overall welfare loss to Venezuela as a result of the quota?

Reference no: EM13371340

Questions Cloud

1 ifnbspphi-z0 nbspalpha2 z0 assume alpha lt012 a company : 1. ifnbspphi-z0 nbspalpha2 z0 ? assume alpha lt0.1.2. a company produces cooling tubes. the pressure of the tube is an

The completion of this assignment will entail the design of : the completion of this assignment will entail the design of the structural fire protection for a simple warehouse

Dhl and fedex have helped companies throughout the world : dhl and fedex have helped companies throughout the world succeed in the global economy by understanding the customers

Q1 case studyon the advice of some of its wealthiest alumni : q1 case studyon the advice of some of its wealthiest alumni clare college has borrowed pound15m on a 40-year inflation-

Bullthe table and graph shown below illustrate the demand : bullthe table and graph shown below illustrate the demand and supply schedules for television sets in venezuela a small

Q1 show all workingsdont count the number of divisions do : q1. show all workings.dont count the number of divisions. do not use asymptotic notation instead provide exact

Phase 1 planning 1 select a name for the company2 determine : phase 1 planning 1. select a name for the company.2. determine the short-term goals of the company.3. determine the

Compute the mean median mode and standard deviation for the : compute the mean median mode and standard deviation for the following discrete probability distribution.value of

Car park system analysis and designthis system must provide : car park system analysis and designthis system must provide for the day-to-day operation for car park-issuing tickets

User Account

All Pages