Domestic market for corn is described by the following functions:
The rest of the world price is $4.
What is the equilibrium price and quantity in the domestic market assuming no trade with rest of the world?
What is the equilibrium price and quantity in the domestic market if trade opens?
What happens to domestic production if an import tariff of $1 per bushel is introduced?

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The Answer of Domestic market for corn is described by the following functions:
The rest of the world price is $4.
What is the equilibrium price and quantity in the domestic market assuming no trade with rest of the world?
What is the equilibrium price and quantity in the domestic market if trade opens?
What happens to domestic production if an import tariff of $1 per bushel is introduced?

Domestic Market for Corn Is Described by the Following Functions