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Take a look at the sugar market: US demand: Q=60-2/3 P US domestic supply: Q=P Also, the US could import any quantity from world producers at (US$) 10/cents per lb
a) In a scenario with free trade- what would be equilibrium price in US, also what would be consumer surplus and producer surplus?
b) Assume FDA changes its mind and opens her US to sugar imports; however the government wants to promote domestic sugar production by giving a subsidy of 15 cents/lb
What would be new equilibrium price and quantity?
How much is domestic produced and how much is imported?
What is new consumer surplus and producer surplus?
What is deadweight loss compared to the scenario in question a)?
The U.S. Department of Agriculture, nass.usda.gov, publishes charts on the prices of farm products. Go to the USDA home page and select Charts and Maps and then Agricultural Prices
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Suppose you belong to a tennis club that has a monthly fee of $75 and a charge of $5 per hour to play tennis.
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