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  • Assignment 5 Tariff

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    Phuong Dung
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    1. Construct a supply and demand graph to model an autarkic economy and identify the equilibrium price and quantity. 2. Add the world price of 1 unit to the model and show the new supply, demand, and import quantities under free trade. 3. Impose a 100% tariff on the model and identify the resulting price, supply, demand, and import quantities. Provide explanations and conclusions for each scenario.

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    1. Construct a supply and demand graph to model an autarkic economy and identify the equilibrium price and quantity. 2. Add the world price of 1 unit to the model and show the new supply, demand, and import quantities under free trade. 3. Impose a 100% tariff on the model and identify the resulting price, supply, demand, and import quantities. Provide explanations and conclusions for each scenario.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    8 views1 page

    Assignment 5 Tariff

    Uploaded by

    Phuong Dung
    1. Construct a supply and demand graph to model an autarkic economy and identify the equilibrium price and quantity. 2. Add the world price of 1 unit to the model and show the new supply, demand, and import quantities under free trade. 3. Impose a 100% tariff on the model and identify the resulting price, supply, demand, and import quantities. Provide explanations and conclusions for each scenario.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Assignment 5

    From the above graph, build up the function of Supply line and Demand line. (aP+b=Q)
    1. When closing the economy (autarky), identify the price and quantity
    2. When opening the economy (free trade), the Price of the world is 1 unit, identify
    the supply quantity and demand quantity, import quantity
    3. When the government imposes 100% tariff, identify the new price, the supply
    quantity and demand quantity, import quantity

    Provide a detailed explanation for each of your solutions, discussion, and conclusion.
    Notes: Please use any tool that you feel comfortable with (i.e excel and word, or PPT) to
    complete the graph. Unclear handwriting will negatively influence the quality of your
    diagram. Make sure that you provide sufficient notes for the diagram.

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