The USGovernment Imposes a Number of Import Quotas on Dairy Products,including

question 113

Essay

The U.S.government imposes a number of import quotas on dairy products,including Swiss cheese.The domestic supply of Swiss cheese is given by:
Q^{Dom =} 250p - 1000
The supply of Swiss cheese from foreign producers to the U.S.(mostly from Switzerland,of course),is given by:
Q^{For =} 1125p - 4500
In both equations above,Q is the quantity of cheese (100's of lbs/month),and p is the price per pound.
a.Using the equations above,derive the total supply of cheese equation to the U.S.in the absence of any quota.
Suppose that fears of neutral countries (like Switzerland)spark the U.S.to restrict imports of Swiss cheese to Q = 9000.
b.On a graph,draw (i)the domestic, (ii)foreign and (iii)total supply with the quota.

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Definitions:

Concurrent Validity

The extent to which test scores correlate with scores of an established test of the same construct administered at the same time.

Internal Consistency

The extent to which different test items that propose to measure the same general construct obtain similar scores.

Odd-even Reliability

A measure of internal consistency reliability, where a test is split into odd and even items and the scores are correlated.

Construct Validity

The degree to which a test measures what it claims to be measuring, specifically in terms of whether the test actually assesses the theoretical construct it is designed to measure.