The table and graph shown below illustrate the demand and

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Reference no: EM13371800

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.

Venezuela Supply and Demand for Television Sets
Price Per TV	Quantity Demanded	Quantity Supplied
$100	900	0
$200	700	200
$300	500	400
$400	300	600
$500	100	800

2249_Demand and supply.jpeg

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: EM13371800

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