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

---

Definitions:

Knowledge-Based Economy

An economic system where growth is primarily driven by the production, distribution, and use of knowledge and information.

Legitimate Power

The authority that an individual or entity has, which is recognized and accepted by others, often based on a position of leadership or a role within an organization.

Referent Power

A form of influence based on the leader's personal traits and the followers' identification with, admiration for, or respect for the leader.

Expert Power

A form of influence that stems from an individual's recognized knowledge, skills, or experience in a specific area.