(Figure: Market for Engines) According to the figure, if there is international trade in this market, and the world price of an engine is $800, domestic consumers will purchase producers, units from domestic producers and units from foreign Price 2,000 Domestic supply 1,000 Domestic demand 1,000 500 Quantity of engines
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- 3 1190 Domestic Demand E 1140 1090 PRICE (Dollars per ton) 1040 990 940 890 840 790 740 690 0 10 20 + I 1 1 R 30 40 50 60 70 QUANTITY (Tons of limes) A tariff set at this level would raise $ F If Zambia is open to international trade in limes without any restrictions, it will import % Domestic Supply 5 T Suppose the Zambian government wants to reduce imports to exactly 40 tons of limes to help domestic producers. A tariff of achieve this. G 1 I 6 P. 80 90 100 W Y in revenue for the Zambian government. H & 7 ? U 8 00 J tons of limes. Grade It Now 9 K O per ton will Save & Continue Continue without eaving O PExplain how a subsidy on agricultural goods like sugar adversely affects the income of foreign producers of imported sugar.7 Assignment - ECN204 021 - Introductory Macroeconomics - W2023 Chapter 17 Assignment 1 02:45:27 Mc Graw Hill 0 P+ Tariff QsTariff The domestic supply-and-demand diagram below represents a product in which Canada does not have a comparative advantage. a. What impact do foreign imports have on domestic price and quantity? Imports (Click to select) the domestic price, (Click to select) consumption and (Click to select) domestic production. b. The diagram below shows a protective tariff that eliminates part of the imports that exist at the world price, Pworld- P. world # B a A 0 Revenue Quantity QTariff $domestic Pdomestic Ddomestic ezto.mheducation.com M Question 1- Chapter 17 Assignment - Connect b Success Con 4+1 H
- K Refer to the information provided in the figures below to answer the question that follows. World Market U.S. Market 0.70 0.60- 0.50- 0.40 0.30- 0.20- -0.10 OO 0.00- OA 10 B. 6 O OC. 2 Price ($) D. 4 Sworld Dworld Millions of apples per day At the world price of 30 cents per apple, the United States imports 5 0.70- 0.60- 0.50- 0.40- 0.30- 0.20- 0.10- 0.00+ 0 Price ($) Sus Dus. 6 8 10 12 14 2 Millions of apples per day million apples per day. Q 3 temp 0 of0 suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place 905Domestic Demand Domestic Supply 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Tons of soybeans) If Colombia is open to international trade in soybeans without any restrictions, it will import tons of soybeans Suppose the Colombian government wants to reduce imports to exactly 100 tons of soybeans to help domestic producers. A tariff of $ 0 will achieve this A tariff set at this level would raise $ in revenue for the Colombian governmentQuestion Completion Status: 25 Sd 20 15 p* a bc IP 10 Dd 0 3 6. 12 15 18 21 24 18. If the free trade price is IP and this country imposes a trade tariff of $3, the loss to consumers as a result of the imposition of the tariff is represented by O (a) area (a) in this graph O (b) area (b) in this graph (c) areas (c) + d) (d) areas (b) + (c) + (d) (e) areas (a) + (b) + (c) + (d) 9.
- 10 10 20 30 40 50 60 70 80 90 100 Baseball caps (thousands per month) Suppose that the world price of baseball caps is €1 and there are no import restrictions on this product. Assume that Spanish consumers are indifferent between domestic and imported baseball caps. Instructions: Enter your answers as whole numbers. a. What quantity of baseball caps will domestic suppliers supply to domestic consumers? thousand b. What quantity of baseball caps will be imported? thousand Now suppose a tariff of €1 is levied against each imported baseball cap. C. After the tariff is implemented, what quantity of baseball caps will domestic suppliers supply to domestic consumers? thousand d. After the tariff is implemented, what quantity of baseball caps will be imported? thousand Price (€ per cap)Suppose that Estonia, which is a"small economy, and it can import plastic chairs at a price of 20 per unit The domestic supply curve of plastic chairs is the following: S=40+10P And the demand curve in Estonia for plastic chairs is: D=800-5P In addition, each unit of plastic chair production yields a marginal social benefit of 10. a) Calculate the total effect on welfare of a tariff of 15 per unit levied on imports. Only typed answerHomework: International Trade and Comparative Advantage PRICE (Dollars per bushel) 440 415 300 365 340 315 290 265 240 215 190 A tariff of Supply Demand Pw 0 30 60 90 120 150 180 210 240 270 300 QUANTITY (Thousands of bushels of wheat); A tariff set at this level would raise S per bushel will achieve this. Market for Wheat In New Zealand Price (Dollars per bushel) Domestic Demandi (Thousands of bushels of wheat) 365 If New Zealand is open to international trade in wheat without any restrictions, it will import Suppose the New Zealand government wants to reduce imports to exactly 60,000 bushels of wheat to help domestic producers. 90 Domestic Supply (Thousands of bushels of wheat) in revenue for the New Zealand government. bushels of wheat. 210
- Suppose that the world price of baseball caps is €1 and there are no import restrictions on this product. Assume that Spanish consumers are indifferent between domestic and imported baseball caps. a. What quantity of baseball caps will domestic suppliers supply to domestic consumers ?__________thousandsThe graph below shows the market for tres in the United States, a nation that is open to international trade but is assumed to be s poce taker unable to affect the world price of tires Market for Tires Price dolars per es 320 200 240 200 140 120 NO 40 Qu 400 120 160 200 240 280 320 Quantity (one of ses) a Using the graph above, at the wond price of $80 per tre, how many tires will the United States import mkon pres Now suppose the US government imposes a quota as shown as the graph above 4 b Uung this same graph, indicate the new markert equabinum with the quota iniposed and the domestic quantity suppited (0₂)Price (dollars per battery) 20 18 16 14 12 10 8 0 A Sus World price + tariff World price Dus 100 300 500 700 900 1,100 1,300 Quantity (thousands of batteries) The above figure shows the U.S. market for replacement cell phone batteries. Suppose the U.S. government imposes the tariff illustrated in the figure. The tariff is equal to and the price U.S. consumers pay compared to the price paid when there was free trade.