Economics Answers

Three Step Tariff. Determine the Total Tariff.
D: P = 400 - Q
SD: P = 40 + Q
Sw: P = 80
Tariff: P = 40

Three Step Tariff. Determine the SWL.
D: P = 400 - Q
SD: P = 40 + Q
Sw: P = 80
Tariff: P = 40

Two Step Tariff. Determine the equivalent quota.
D: P = 124 - 2Q
S: P = 44 + 2Q
Tariff: P = 40.

Quota. Determine the SWL.
D: P = 840 - 3Q
S: P = 240 + 3Q
Quota: Q = 80.

Comparative Advantage. Determine the terms of trade.
Andora: 1 shirt = 2 hrs. 1 bicycle = 40 hrs.
Bolivia: 1 shirt = 5 hrs. 1 bicycle = 60 hrs

Foreign Exchange. Determine the size of the government purchase.
D: P = 680 - 2Q
S: P = 40 + 2Q
Target: P = 500

Military Draft. Determine the transfer. ($millions)
D: Q = 850
S: P = 200 + 4Q
Draft: P = 50

Health Insurance. Determine the subsidy. ($millions)
D: P = 5,000 - Q
S: P = 400 + Q
Co-pay: P = 60

Rent Control. Determine the shortage.
D: P = 16,400 - 2Q
S: Q = 2,200
RC: P = 4,000

Minimum Wage. Determine the unemployment.
D: P = 800 - Q
S: P = 100 + Q
MW: P = 640