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MrsAngelD MrsAngelD
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6 years ago
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:
      QDom = 250p - 1000
The supply of Swiss cheese from foreign producers to the U.S. (mostly from Switzerland, of course), is given by:
      QFor = 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.
Textbook 
Microeconomics: Theory and Applications with Calculus

Microeconomics: Theory and Applications with Calculus


Edition: 4th
Author:
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RumkoRumko
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