Country initially has no restrictions on trade

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Reference no: EM1320449

Q1. Assume that the economy is initially in a steady state also that some of the nation's capital stock is destroyed since of a natural disaster or war

Q2. The domestic demand for almonds is QD = 20,000,000 - 500,000p. The domestic supply is QS = -2,000,000 + 600,000p, where quantity is in crates every year also p = price every crate. The world price is $15 every crate.

Assume that the country initially has no restrictions on trade also then imposes an import quota of 3,000,000 crates every year. Elucidate how will this affect the price also the quantity imported? Illustrate what are the welfare effects?

Reference no: EM1320449

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