1. If the government limits the number of imports to 100 units of good A, calculate the new price. 2. Calculate the new domestic quantity supplied after the quota. 3. Calculate the new domestic quantity demanded after the quota.
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- Kawmin is a small country that produces and consumesjelly beans. The world price of jelly beans is$1 per bag, and Kawmin’s domestic demand andsupply for jelly beans are governed by the followingequations:Demand: QD = 8 − PSupply: QS = P,where P is in dollars per bag and Q is in bags of jellybeans.a. Draw a well-labeled graph of the situation inKawminif the nation does not allow trade.Calculatethe following (recalling that the area ofa triangle is ½ × base × height): the equilibriumprice and quantity, consumer surplus, producersurplus, and total surplus.b. Kawmin then opens the market to trade. Drawanother graph to describe the new situation inthe jelly bean market. Calculate the equilibriumprice, quantities of consumption and production,imports, consumer surplus, producer surplus, andtotal surplus.c. After a while, the Czar of Kawmin respondsto the pleas of jelly bean producers by placinga $1 per bag tariff on jelly bean imports. On a graph, show the effects of…Domestic Supply $10 ALB $8 C $6 DE F World P Domestic D 20 30 35 40 50 Q (millions of towels) Consider the economy depicted in the graph and assume there is international trado. If the govermment imposed a taniff of $2, what will its total revenue be? O A+B O E-F CO None of the above D+G P.The following figure shows the domestie demand and supply curves for a good. With free trade, the price of the good in the domestic market is P3. The govemment introduces a 5% tariff in the market which raises the domestic price to P2. Figure 7-1 Price Kyddng Demand E Quanity fer to Figure 7-1. With the imposition of the tariff, the level of imports to the domestic market is: CD AC BD
- When a small economy imposes a tariff on imports, net welfare O always increases. O always decreases. O may increase, decrease, or remain unchanged.Suppose the world price of clothing is $50 per unit. Domestic demand and domestic supply aredetermined by the following equations:Domestic Demand: p = 200 − 2qDomestic Supply: p = 20 + 3qwhere p and q represent price and quantity, respectively. Domestic government levies an ad valorem tariff rate of 100% 11. Under the 100% tariff protection, domestic economy’s national welfare is worth _____ or so.A) $1,250B) $2,850C) $3,025D) $4,73312. Under free trade, domestic economy’s national welfare is worth _________or so.A) $5,250B) $5,775C) $6,125D) $6,57513. Suppose that domestic economy moves from the initial free trade regime to the 100% tariffregime. Then the deadweight loss resulting from production inefficiency can be calculated at_________ or soA) $416.75B) $455.25C) $525.15D) none of the abovegovernment prefers to reduce imports with a tariff instead of a quota depends on whetherA. imports are completely eliminatedB. consumer demand is elastic.c. the demand curve is downward slopingD. barriers prevent new firms from enteringE. production costs are.constant
- Submi Question 15 of 20 > The effects of a tariff are O identical to the effects of a quota, except that the price of the good is higher. O reduced quantity supplied overall, reduced quantity supplied by domestic producers, and a lower price. O reduced quantity supplied overall, decreased quantity supplied by domestic producers, and a lower price. O reduced quantity supplied overall, increased quantity supplied by domestic producers, and a higher price. Activate Windows Hi LAPTOP LOGINHome's demand curve for wheat isD= 100- 20P.Its supply curve isS= 20 + 20P.3. Home imposes a specie tariff of 0.5 on wheat imports.a. Determine and graph the effects of the tariff on the following: (1) the price ofwheat in each country; (2) the quantity of wheat supplied and demanded in each country; (3) the volume of trade.b. Determine the effect of the tariff on the welfare of each of the following groups:(1) Home import-competing producers; (2) Home consumers; (3) the Homegovernment.c. Show graphically and calculate the terms of trade gain, the efficiency loss, and thetotal effect on welfare of the tariff.efer to Figure 9-2. Without trade, consumer surplus amounts to a. $6,480. b. $810. c. $3,240. O d. $1,620. 37 Domestic Demand PRICE (Dollars per tricycle) = 19 1 200 360 QUANTITY (Tricycles) Domestic Supply World Price 520
- 3. State the effect of an export subsidy on the following: a. Price of the good in the exporting country. b. Price of the good in the importing country. C. Consumer surplus in the exporting country. d. Consumer surplus in the importing country. e. National welfare in the exporting country. f. National welfare in the importing country.upply B. D. Wotld Price K. Doemstie Demand Quantity Suppose this market opens to trade. Which of the following statements are true? 1. With an open market this economy will import J - D units of the good. II. When this economy opens to trade the deadweight loss from this trade will equal areas DEH and GIJ. I. When this economy opens to trade domestic producer surplus will equal area KBGJD. OStatement I is true. Statements I and III are true. OStatements II and III are true. Statement II is true.The graph demonstrates the domestic demand and supply for a good , as well as the world price for that good. If this country is an autarky, what amount of the good is consumed domestically, and at what price? a. 60 units at $10 each b. 115 units at $14 each c. 150 units at $10 each d. 60 units at $17 each