User Account

All Pages

Calculate the dollar value of malaysian consumer

Assignment Help Business Economics
Reference no: EM132558974

Suppose that Malaysia is a small open economy; hence, Malaysia is unable to influence world price. The supply and demand schedules for TV set are depicted in Table A. Additionally, the equilibrium price and quantity for Malaysia's market for TV sets is $25 and 10, respectively.

Table A: Supply and Demand: TV Sets (Malaysia)

Price of TVSQuantity SupplyQuantity Demanded 0 0 2010 4 1620 8 1230 12 840 16 450 20 0(a) Given this information, calculate the value of Malaysian consumer surplus and producer surplus.

(b) Under free-trade conditions, assume Malaysia imports TV sets at a price of $10 each.

(i) How many TV sets will be produced, consumed, and imported?

(ii) Calculate the dollar value of Malaysian consumer surplus and producer surplus?

(c) Suppose that free trade is hurting the domestic producers in Malaysia. To protect its producers from foreign competition, the Malaysian government levies a specific tariff of $10 on imported TV sets.

(i) Compute the value of the tariff's consumption, protective, redistributive, and revenue effects.

(ii) Calculate the amount of deadweight welfare imposed on the Malaysian economy by the specific tariff.

Reference no: EM132558974

Questions Cloud

Explain how the the offshore assembly provision : Briefly explain how the the offshore assembly provision (OAP) created through the Tariff Act of 1930 provides favorable
Prepare all appropriate adjusting JEs for Cutthroat Aviation : Prepare all appropriate adjusting JEs for both Cutthroat Aviation and Varden Leasing as of December 31, 2019
Basics of active directory including domain-tree and forest : Describe the basics of Active Directory including domain, tree, and forest. What domain model would you recommend to an organization
Effective tariff rate and nominal tariff rate : Briefly explain the difference between the effective tariff rate and nominal tariff rate.
Calculate the dollar value of malaysian consumer : Suppose that free trade is hurting the domestic producers in Malaysia. To protect its producers from foreign competition
Calculate the payment that Steelhead will charge to Rainbow : Calculate the payment that Steelhead will charge to Rainbow, when considering that Steelhead will recover a portion of its investment through the residual value
Performing vulnerability assessment : What are some key steps an assessor should take before performing a vulnerability assessment?
Journalize the entries to record the issuance of the note : A business issued a 45-day 10% note for 255,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note on January
What are the budgeted cash receipts : Sales on account are budgeted to be $20,900 for March and $40,200 for April. What are the budgeted cash receipts from sales on account for April

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd