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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Use the four-step process to analyze the impact of a Deduction in tariffs on imports of iPods on the equilibrium price and quantity of Sony Walkman-type products.

To determine

If the tariff on import of iPods reduces, what will happen to the equilibrium price and quantity of Sony Walkman type products? Explain it with four-step process.

Explanation

The four-step process is given as follows:

Step 1: Draw the initial demand and supply diagram of Sony Walkman.

The demand and supply curves for Sony Walkman are intersecting at point ‘E’ where equilibrium price and quantity is determined.

Step 2: When the tariff on import of iPods reduces, it will affect the demand for its substitute good (Sony Walkman type products). The perfect substitute goods are those which can be used in place of each other...

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