Suppose the following demand and supply schedule for Canada's tire industry: $\begin{array} { c c c }
\hline \begin{array} { c }
\text { Price } \
( \$ )
\end{array} & \begin{array} { c }
\text { Quantity } \
\text { Demanded }
\end{array} & \begin{array} { c }
\text { Quantity } \
\text { Supplied }
\end{array} \
\hline 55 & 75 & 69 \
56 & 74 & 70 \
57 & 73 & 71 \
58 & 72 & 72 \
59 & 71 & 73 \
60 & 70 & 74 \
61 & 69 & 75 \
\hline
\end{array}$ a) In the absence of free trade, what is the equilibrium price and quantity traded for Canada's tire industry?
Suppose the international price for a computer is $60.
b) Will Canadian consumers benefit? Explain.
c) Will Canadian producers benefit? Explain

Question

Suppose the following demand and supply schedule for Canada's tire industry: $\begin{array} { c c c } 
\hline \begin{array} { c } 
\text { Price } \
( \$ )
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Demanded }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Supplied }
\end{array} \
\hline 55 & 75 & 69 \
56 & 74 & 70 \
57 & 73 & 71 \
58 & 72 & 72 \
59 & 71 & 73 \
60 & 70 & 74 \
61 & 69 & 75 \
\hline
\end{array}$ a) In the absence of free trade, what is the equilibrium price and quantity traded for Canada's tire industry?
Suppose the international price for a computer is $60.
b) Will Canadian consumers benefit? Explain.
c) Will Canadian producers benefit? Explain

Quizplus · Accepted Answer

The Answer of Suppose the following demand and supply schedule for Canada's tire industry: $\begin{array} { c c c } 
\hline \begin{array} { c } 
\text { Price } \
( \$ )
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Demanded }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Supplied }
\end{array} \
\hline 55 & 75 & 69 \
56 & 74 & 70 \
57 & 73 & 71 \
58 & 72 & 72 \
59 & 71 & 73 \
60 & 70 & 74 \
61 & 69 & 75 \
\hline
\end{array}$ a) In the absence of free trade, what is the equilibrium price and quantity traded for Canada's tire industry?
Suppose the international price for a computer is $60.
b) Will Canadian consumers benefit? Explain.
c) Will Canadian producers benefit? Explain

Suppose the Following Demand and Supply Schedule for Canada's Tire