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The domestic demand for MP3 players is given by QD = 5000 – 100P, where P is price measured in euros and quantity Q is measured in thousands of MP3 players per year. The domestic supply curve for MP3 players is given by QS = 150P. Specify:
a. What is the domestic equilibrium in the MP3 player market?
b. Suppose MP3 players can be imported at a world price of €10 per MP3 player. If trade were liberalized, what would the new market equilibrium be? How many MP3 players would be produced domestically? How many MP3 players would be imported?
c. Graph your results.
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