Consider a competitive market served by many domestic and foreign firms. The domestic demand for these firms’ product is Qd = 900 - 2P. The supply function of the domestic firms is QSD = 50 + 1P, while that of the foreign firms is QSF = 250. Instructions: Enter your responses for equilibrium price rounded to the nearest penny (two decimal places). Enter your responses for equilibrium quantity rounded to one decimal place. a. Determine the equilibrium price and quantity under free trade. Equilibrium price: $ 213 213 Incorrect   Equilibrium quantity: 567 567 Incorrect units b. Determine the equilibrium price and quantity when foreign firms are constrained by a 100-unit quota. Equilibrium price: $ 238 238 Incorrect   Equilibrium quantity: 505 505 Incorrect units c. Are domestic consumers better or worse off as a result of the quota? Worse off  Better off Neither better nor worse off d. Are domestic producers better or worse off as a result of the quota? Worse off Neither better nor worse off Better off                    Back

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