Demand and Supply: TV Set (Australia)

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Demand and Supply: TV Set (Australia) Price of TV Sets Quantity Demanded Quantity Supplied $ 500 400 300 200 100 10 20 30 40 50

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

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