In Peru, domestic demand for steel is given by P=200−Q. Dom…
In Peru, domestic demand for steel is given by P=200−Q. Domestic supply is given by P=40+Q. Find the price and quantity of steel consumed and produced in the domestic country if there is free trade. Steel is available on the world market at Pw=60. Calculate the imports, producer surplus, and consumer surplus. (3 points) Suppose the government imposes an import tariff of $10 per unit. What is the resulting domestic price, domestic production, domestic consumption, imports, consumer surplus, producer surplus, government revenue, and DWL (deadweight loss)? (7 points) PLEASE SHOW ALL WORK FOR FULL CREDIT AND USE THE TEXT BOX PROVIDED