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How much is the domestic demand

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Suppose that the domestic demand for TV sets is described by Q = 500 18P , and the supply given by Q = 12P 100. TVs can currently freely imported at the world price of $15.

  1. How much is the domestic demand? How much of that will be imported?
  2. How much is the loss in producer surplus due to imports?
  3. How much is the deadweight loss if the government imposes a tari§ of $5?
  4. President Trump claims that a tari§ is good for the American economy, because the tari§ is like free money paid by foreign producers. Evaluate his claim in no more than three short sentences (it is not worth commenting more). 

Reference no: EM132488637

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