Reference no: EM132506724
Below, you are provided with the demand and supply curves for v-neck t-shirts and the world price of a v-neck t-shirt. You will use this information to identify whether the country imports or exports v-neck t-shirts.
You will also examine the impact of a tariff on the amount of consumer and producer surplus that results in this market.
-Suppose that the world price of a v-neck t-shirt is $20. Does this country import or export v-neck t-shirts? Explain your answer.
-Assuming that the world price of a v-neck t-shirt is $20 how many shirts would be consumer purchase at the world price?
-How many shirts would be produced domestically at the price of $20?
-How many shirts would be imported at the price of $20?
-Now suppose that the government imposes a $10 import tariff on top of the world price of $20. How many v-neck t-shirts would consumers purchase after this import tariff is imposed?
-How many shirts will be produced domestically after the tariff is imposed?
-How many shirts will be imported after the tariff is imposed?
-Identify at least two groups who are better off because of the tariff.
-Identify at least two groups who are made worse off because of the tariff.
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