Suppose the Domestic Supply and Demand for Snowboards in Canada

question 165

Essay

Suppose the domestic supply and demand for snowboards in Canada are given by the following equations:
Q_S = -110 + 3P
Q_D = 390 - 2P
a.In the absence of international trade in snowboards,what will the domestic price be
b.In the absence of international trade in snowboards,how many snowboards will be sold in Canada
c.If Canada could trade snowboards freely with the rest of the world at the price of $80,how many snowboards will be produced in Canada
d.If Canada could trade snowboards freely with the rest of the world at the price of $80,how many snowboards will be purchased in Canada
e.If Canada trades snowboards freely with the rest of the world at the price of $80,should Canada import or export snowboards
And how many
f.In the absence of trade,what is the consumer surplus and producer surplus in Canada for the snowboard market
g.If Canada could trade snowboards freely with the rest of the world at the price of $80,what is the consumer surplus and producer surplus in Canada for the market for snowboards
h.What is the change in total surplus after the opening of free trade

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Definitions:

Intestinal Tract

The continuous tube running from the stomach to the anus, including the small and large intestines, where food digestion and absorption occur.

Antiemetic

A type of medication that is used to prevent or treat nausea and vomiting.

Nausea

A sensation of unease and discomfort in the stomach, often preceding vomiting.

Dopamine

A neurotransmitter in the brain associated with pleasure, movement, and attention regulation.