Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
2. (80pts) The following is part of the CNN.com article “Washing machine wars: U.S. backs Whirlpool in trade fight with Samsung,” October 6, 2017. Please read it carefully and answer the questions below.
“Michigan-based Whirlpool has scored a trade victory that could allow President Trump to limit the number of washing machines sold in the U.S. by Samsung and LG. The U.S. International Trade Commission voted 4-0 in Whirlpool’s favor on Thursday, ruling that a “surge” of washing machines from Samsung and LG have seriously injured domestic manufacturers. …. ….. The statue allows the commission to recommend remedies – such as specific tariffs or quotas – to the president. The commission will make its recommendations before the end of the year, and Trump will have roughly two months to consider the panel’s advice.”
Suppose that the U.S. domestic market demand for washing machine is
P =750−2QD. (1)
There is one domestic washing machine producer in the U.S. market with the following individual supply:
P =250+3QdS. (2)
There are two foreign washing machine producers in the U.S. market, each of which has the following individual supply:
P =100+3QfS. (3)
The price of washing machine is expressed in dollars and the quantity is expressed in the number of machine per day. Assume that 1) all producers produce identical products and 2) any producer in this market behaves as a price taker.
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