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Demand and Supply: TV Set (Australia)

Demand and Supply: TV Set (Australia). Problem 15.5. Plot demand and supply schedules Equilibrium price and quantity w/o trade Consumer surplus and producer surplus w/o trade Free trade: import tvs @ $100/set Australian TV purchases Australian TV production Australian TV imports

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Demand and Supply: TV Set (Australia)

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  1. Demand and Supply: TV Set (Australia)

  2. Problem 15.5 • Plot demand and supply schedules • Equilibrium price and quantity w/o trade • Consumer surplus and producer surplus w/o trade • Free trade: import tvs @ $100/set • Australian TV purchases • Australian TV production • Australian TV imports • Australian Consumer surplus • Australian Producer surplus

  3. Problem 15.5 (continued) • Protection! $100 tariff per TV set • Price of TVs in Australia now • Quantity of TVs bought by Australians • Australian production of TVs • Australian imports • Reduction in consumer surplus • Increase in producer surplus • Tariff revenue • Consumption, protective, redistributive, and revenue effects • Deadweight loss

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