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Venturilla is a small island in the West Afrikan Sea that produces and consumes glass candy. The world/international price of glass candy is $1 per ounce, and Venturilla's domestic demand and supply for glass candy are governed by the following equations:
Demand: Qd = 16 - P
Supply: Qs = P
where P is in dollars per ounce and Q is in ounces of glass candy.
a) Calculate the domestic (before trade) price and quantity of glass candy
b) Calculate consumer surplus, producer surplus and total surplus.
c) If Venturilla opens its market to international trade, calculate consumer surplus, producer surplus and total surplus.
d) If the King of Venturilla imposes a $1 tariff on imported glass candy, calculate consumer surplus, producer surplus, government revenue and dead weight loss.
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