Problem
Suppose that the domestic demand for television sets is described by Qd = 40,000 - 180P and that the supply is given by Qs = 20P. If televisions can be freely imported at a price of $160, how many televisions would be produced in the domestic market? By how much would domestic producer surplus and deadweight loss change if the government introduces a $20 tariff per television set? What if the tariff was $70? 10.28. Suppose that the domestic demand for television sets is described by Qd = 40,000 -180P and that the supply is given by Qs = 20P. Televisions can currently be free freely imported at the world price of $160. Suppose the government bans the import of television sets. How much would domestic producer surplus and deadweight loss change?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.