22 595 25 20 15 10 O P COUNTRY 1 s1 IP d1 0 3 6 9 1215182124 INTERNATIONAL MARKET 25 20 15 10 5 P S2 S1 IP D2 0 3 6 9 12 15182124 D1 P COUNTRY 2 25 20 15 10 5 d2 0 0 3 6 9 1215182124 Q s2 EIP 10. What is the net welfare gain from trade to the economy of country 1? (hint: the formula for calculating the area of a triangle is 1/2 times the base times the height) a) 3 b) 6 c) 9
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- Homework (Ch 09) Q Search th The following graph shows the domestic supply of and demand for maize in Panama. The world price (Pw) of maize is $270 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount dermanded by any one country does not affect the world price of maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Domestic Demand Domestic Supply 450 430 410 300 370 350 330 260 270 PRICE (Dollars per ton)P 25 20 15 10 5 O COUNTRY 1 O (d) 13.5 O (e) 18 d1 Q 03 691215182124 INTERNATIONAL MARKET 25 20 s1 15 IP 10- 5 0 0 3 6 9 1215182124Q P S2 -IP 222 D2 P 25 S1 15 10 5 D1 0 20 24. What is the net welfare gain from trade to the economy country 1? (hint: the formula for calculating the area of a triangle is 1/2 times the base times the height) O (a) 3 O (b) 6 O (c) 9 COUNTRY 2 s2 IP d2 0 3 6 9 1215182124QPRICE (Dollars per ton) 800 590 560 530 500 470 W 440 410 380 350 Domestic Demand 320 3 D 0 30 60 E Consumer Surplus Producer Surplus C 90 120 150 180 210 QUANTITY (Tons of melons) When Guatemala adjusts its trade policy to allow free trade of melons, the price of one ton of melons in Guatemala becomes $500. At this price, tons of melons will be demanded in Guatemala, and tons will be supplied by domestic suppliers. Therefore, Guatemala will export tons of melons. Using the information from the previous tasks, complete the following table to analyze the welfare effect of allowing free trade. With Free Trade (Dollars) Without Free Trade (Dollars) $ 4 When Guatemala allows free trade, the country's producer surplus by s R F Domestic Supply V 5 T P. G W 240 270 270 300 6 by s and consumer surplus Therefore, the net effect of allowing international trade on Guatemala's total surplus is a Y Consumer Surplus H Producer Surplus & 7 N U J * 8 M 1 ( 9 K O O L P of : ; { [ ?
- 1. What is the Impact of COVID-19 on Trade in case of Pakistan,help explain this pls. International trade is the subject of much debate. Many economist favor encouraging international trade, citing the benefits gained by trade. However, there are economic arguments for limiting international trade with protectionism. Classify the given statements into the appropriate category. Look at image for answer bank. Arguments for promoting international trade Arguments for limiting international trade with protectionismtion 8 et ered ed out of ag question Price The diagram below shows the domestic demand and supply curves for denim jeans in Canada. The prevailing world price is Pw. Assume that all jeans are identical. PD Pw+t Pw D FIGURE 33-2 Q₁ Qs Quantity of denim jeans Refer to Figure 3-2. If Canada were to engage in no international trade in denim jeans, then the quantity consumed and produced in Canada would be Select one: OA. Q1 OB. Q2 00000 C. Q3 D. Q4 OE. Q5
- 1- What is the basic concept of protectionism? Who does it protect? How does the protection manifest itself? (Meaning explain what is the result of the protection?) (uvi Your answer should include the effect protectionism has on the consumer.) 2- What is the infant industry argument for protectionism? 3- What is dumping? Why might dumping occur?Price Sus 23,000 22.000 21:000 20,000 19:000 Pus 123456789 Qos Refer to the above diagram, where SUS and DUS are the Unites States' supply and demand curves for autos and the world price is $20,000 per auto. The quantities of autos are in millions. With an import tariff of $1,000 per auto, the quantities sold by American and foreign producers, respectively, will be O 7 million autos and 3 million autos O 7 million autos and 4 million autos O 3 million autos and 7 million autos O 3 million autos and 4 million autos1. Which groups benefitted the most from China imposing an export quota on rare earth metals? Did it give the Chinese domestic manufacturers a significant cost advantage? Did it result in dramatically increased quality and environmental standards? 2. Given that 97 percent of rare earth metal production is now done in China, an increase from 27 percent to 97 percent between 1990 and 2010, do you think countries such as Australia, Canada, and the United States should reconsider their environmental restrictions on product of such metals? 3. The restrictions imposed by China on rare earth metals has resulted in some companies (e.g., Toyota, Renault, Tesla) starting to look for alternatives. They plan to use parts that do not include rare earth metals. Is this a good solution?
- Identify and discuss four (4) reasons for international tradeCOUNTRY COFFEE TEA Jamaica 10 5 United States ofAmerica 50 20 A. Which country has the absolute advantage in the production of both goods? B. Which has the comparative advantage in the production of both goods? C. Protectionist policies are beneficial to all countries of the world therefore all countriesshould ensure that such policies are instituted.Assess the validity of this statement.Question 4 Consider the following graph below. This represents the domestic market for widgets. Free trade is allowed and the current world price is $12: 35 30 Domestic demand 25 6 20 P 15 10 Domestic Addns 10 20 30 40 50 60 Quantity (thousands per month) With free trade this country will: 15 MacBook Air