can you ans this question for me. suppose the short-run market demand and supply curves for imported rice in Solomon islands are as follows.

hi! can you ans this question for me.      suppose the short-run market demand and supply curves for imported rice in Solomon islands are as follows. the price are in dollars per Kg and the quantities are kilograms per day:

P= 16 – 0.5QD      P= 2+ 0.2QS

a. find the equilibrium price and quantity

b. plot the demand and supply curve and calculate the producer and consumer surplus( label your diagram)

c. calculate the price elasticity of demand and supply

d. if tax of $2 per Kg is imposed on the producers, state the new demand curve equation and the new equilibrium

e. re-draw the graph in (b) showing and calculating the government revenue from this tax and the deadweightloss

f. what fraction or proportion of tax is paid by consumers and producers


tom and jerry are both entrepreneurs and are both producing hats and scarfs tom is producing 1 hat and 3 scarfs per hour whereas jerry is currently producing 2 hats and 5 scarfs per hour. now they want to increase their production and export as well. they have limited labor hours to 10 hours per working day

a. work out the total output per day for the entrepreneurs?

b. who has the absolute advantage in producing hats and scarfs per hour?

c.who has the comparative advantage in producing hats?

d. who has the comparative advantage in producing scarfs ?

e. As a trade Economist who should you advice to export scarfs and why?


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