Supply and demand model

Supply and demand model代写 The overall effects of a tariff or other restraints on welfare of trading parties using a supply and demand model.

Economists measure the overall effects of a tariff or other restraints on welfare of trading parties using a supply and demand model that separates the effects on consumers from those on producers. A nation’s demand and supply schedules for the cell phones as follows:

Prices of Steel                     Quantity Demanded                      Quantity Supplied

$0                                                       0                                                      10

200                                                     2                                                        8

400                                                     4                                                       6

600                                                     6                                                        4

800                                                     8                                                        2

1000                                                   10                                                     0

Under free trade condition, let’s assume a nation imports the steel at $400 ton, can you please determine the free trade equilibrium; how many tons steel will produced, consumed and imported?

Determine demand and supply linear equations  Supply and demand model代写

Supply:

X (Quantity) Y (Price)
8 200
6 400

M = (Y2 – Y1)/ (X2 – X1) = -100              200 = -100(8) + b

Y = -100x +b         b = 1000

x = 8, y = 200

y = -100x + 1000

Demand:

X (Quantity) Y (Price)
2 200
4 400

M = (Y2 – Y1)/ (X2 – X1) = 100                     200 = 100(2) + b

Y = 100x +b         b = 0

x = 2, y = 200

y = 100x

Determining Free trade equilibrium  Supply and demand model代写

Supply: y = -100x + 1000                          100x + y = 1000

Demand: y = 100x                                      -100x + y = 0

2y = 1000

y = 500

Insert y in one of the above equations:

100x + 500 = 1000

x = 5

Therefore, equilibrium supply and demand are 5 tons 

Supply and demand model代写
Supply and demand model代写

Produce is 4 tons

Consumption is 6 tons

Importation is 2 tons

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