Determine what is the imported quantity at economy

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Reference no: EM13239897

Consider the Home country with the demand curve for iPods given by
P = 500 -10Q,
and the Home supply curve given by
P=40Q.

Assume that Home is a small economy, and the world price is given by $60. If the Home's government wants to collect tariff revenues and uses the import tariff of $100, what is the imported quantity, given this tariff.

Reference no: EM13239897

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