The domestic supply and demand curves for hula beans are as? follows: ?Supply: Q

Question

The domestic supply and demand curves for hula beans are as? follows: ?Supply: Q ?= negative 50 plus 1 Upper P ?Demand: Q ?= 100 minus 0.5 Upper P where P is the price in cents per pound and Q is the quantity in millions of pounds. The U.S. is a small producer in the world hula bean? market, where the current price? (which will not be affected by anything we? do) is 60 cents per pound. Congress is considering a tariff of 40 cents per pound.?? Find the domestic price of hula beans that will result if the tariff is imposed. The new domestic price is nothing cents. ?(Enter your response as a whole number.?)

Explanation / Answer

Ans

The new price will simply be world price plus tariff. Here world price is 60 cents and tariff is 40 cents. The price will be thus 60+40 cents=1 dollar

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