Question

In the country of Alpha, T-shirts are sold domestically in a competitive market, the equilibrium price is $10, and the equilibrium quantity is 100.

(a) Draw a correctly labeled demand and supply graph for the domestic T
-shirt market in Alpha. Plot the numbers on the graph. (Draw it on a paper and upload as a photo please)

(b) Assume the world price of T
-shirts is $6, and Alpha engages in international trade.

(i) Will Alpha be an exporter or importer of T
-shirts? Explain.

(ii) On your graph in part (a), indicate the domestic quantity demanded of T
-shirts at the world price and label it QD
.

(iii) On your graph in part (a), indicate the change in the consumer surplus, shaded completely.

(c) Suppose the government of Alpha imposes a tariff of $2 on T
-shirts. On your graph in part (a), indicate the new domestic quantity supplied of T
-shirts as a result of the tariff and label it QS

Answer 1

Answer:

Explanation:

1.A.For fur, trade, and land for settlers

2.D.America took over Spanish territory claims that were based upon his exploration.

3.B.Spain had claims to the land but chose to focus colonization farther south.

4.C.Hostile Native Americans & D.Scurvy

5. C.One country has the exclusive opportunity to provide a particular product with no competition.

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Answer 2

When a product's quantity is balanced, neither it nor it's excess are present. When demand and supply converge, the quantity of a good that customers want to purchase is equal to the quantity that its producers are supplying.

Explain about the equilibrium quantity?

The equilibrium price, which is obtained when the quantity sought by consumers and the quantity supplied by producers, respectively, are equal, is the only price at which consumer and producer plans coincide. This common quantity is known as the equilibrium quantity.

Reduced demand will result in a drop in the equilibrium price and a reduction in supply. With everything else remaining constant, an increase in supply will result in a decrease in the equilibrium price and an increase in the amount required. The equilibrium price will increase as the supply declines, while the quantity needed will go down.

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