Post Utme Noun 2018 Economics Question 37

Consider a small open economy with a perfectly competitive market for a particular good. The economy's demand for the good is given by the equation \( Q_d = 100 - 2P \), where \( Q_d \) is the quantity demanded and ( P ) is the price in naira. The supply of the good is given by the equation \( Q_s = 50 + 3P \), where \( Q_s \) is the quantity supplied. Assuming that the economy is initially in equilibrium, calculate the change in the price of the good if the government imposes a 10% tariff on imports of the good.