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

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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answer; /// radio frequency identification;