I need the graphs for part 2 and 3. Please help as soon as possible
- Attachment 1
- Attachment 2
- Attachment 3
Part I: Welfare Analysis of Small Country TariffAssume the U. S. is a small country in the market for flip-Flops . It produces flip- flops domestically , andalso imports them from the rest of the world , where the market price for flip – flops is $5 per pair . In theU. S., supply and demand equations for flip – flops are :95 = 10 P USQ0 = 105 – 5 P USWhere :"Q’ & Q’ are the quantity of flip – flops supplied and demanded , respectively , inthousands of pairs per week;.P is the price per pair of flip – flops .
