AS Practice Questions
Protectionism
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Under free trade, the price of steel in Steeland was $300 per unit; domestic steel production was 300 000 units and domestic steel sales were 800 000 tonnes. Following the imposition of a $50 per unit subsidy on steel, domestic production increased to 500 000 tonnes.
State/calculate the
a) post-subsidy price paid by consumers
b) post-subsidy price received by domestic producers
c) pre-subsidy quantity of imports
d) post-subsidy quantity of imports
e) post-subsidy television sales
Answer :