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Assume the domestic supply (Qs) and demand (Qd) for MP3 players in the United States are given by the following equations:
Qs = -100+10P
Qd = 725 - 5P
Assume the world price is $70 (such that the US exports MP3 players).
(1) Solve for the free-trade equilibrium and illustrate your answers by labeling a supply/demand graph of the MP3 market in the United States. That is, solve for:
(a) The price of MP3 players in the United States.
(b) The quantity of MP3 players produced (Qs) and sold (Qd) in the United States.
(c) The consumer and producer surplus in the MP3 market in the United States.
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