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
Produce is 4 tons
Consumption is 6 tons
Importation is 2 tons
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