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Consider a competitive market served by many domestic and foreign firms. The domestic demand for these firms' product is Qd = 700 - 2.5P. The supply function of the domestic firms is QSD = 100 + 1.5P, while that of the foreign firms is QSF = 250.
Instructions: Enter your responses for equilibrium price rounded to the nearest penny (two decimal places). Enter your responses for equilibrium quantity rounded to one decimal place.
Problem a. Determine the equilibrium price and quantity under free trade.
Equilibrium price: $___________ Equilibrium quantity: _________ units
Problem b. Determine the equilibrium price and quantity when foreign firms are constrained by a 100-unit quota.
Prepare the appropriate journal entry for each of the items above (a. through j.). You can assume that all transactions with employees, customers, and suppliers were conducted in cash.
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