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Business, 14.02.2021 02:50 jjjoooorrrrddddaannn

Suppose the world price of corn is $5/bushel. Domestic supply and demand are given by SS: P=2 + .5*Q
DD: P=100 - Q
a) Calculate the equilibrium price and quantity, if there are no imports from the world market.
b) If the market is open to imports
i) calculate equilibrium price
ii) calculate equilibrium domestic production
iii) calculate equilibrium imports
c) If there is a tariff on imports of $5/bushel
i) calculate equilibrium price
ii) calculate equilibrium domestic production
iii) calculate equilibrium imports
iv) calculate the burden of the tariff that falls on domestic consumers
v) calculate the benefit of the tariff to domestic producers
vi) calculate the tariff revenue collected by the government

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