The above figure shows the U.S. market for flip-flops. With international trade, the equilibrium price in the United States is and the United States flip-flops.
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- From the Work It Out Effects of Trade Barriers, you can see that a tariff raises the price of imports. What is interesting is that the price rises by less than the amount of the tariff. Who pays the rest of the tariff amount? Can you show this graphically?The country of Pepperland exports steel to the Land of Submarines. Information for the quantity demanded (Qd) and quantity supplied (Qs) in each country, in a world without trade, are given in Table 34.6 and Table 34.7. What would be the equilibrium price and quantity in each country in a world without trade? How can you tell? What would be the equilibrium price and quantity in each country if trade is allowed to occur? How can you tell? Sketch two supply and demand diagrams, one for each country, in the situation before trade. On those diagrams, show the equilibrium price and the levels of exports and imports in the world after trade. If the Land of Submarines imposes an anti- dumping import quota of 30, explain in general terms whether it will benefit or injure consumers and producers in each country. Does your general answer change if the Land of Submarines imposes an import quota of 70?Country X Price Odd Osd $ 5.00 200 400 4.00 250 350 3.00 300 300 2.00 350 250 1.00 400 200 The accompanying table gives data for Country X. Column 1 of the table is the price of a product. Column 2 is the quantity demanded domestically (Qdd, and Column 3 is the quantity supplied domestically (Qsd. If Country X opens itself up to international trade, how much will the country import if the world price is $2.00?
- 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.Finland imports shoes into its country; they are a price taker in this market. Suppose the world price of shoes is $40. If Finland imposes a $10 tariff on shoes, what would be the domestic price of shoes and what will happen to the quantity bought? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. The quantity bought will increase and the price will be $30. a The quantity bought will fall and the price will be $30. The quantity bought will fall and the price will be $50. The quantity bought will increase and the price will be $50.Price (dollars per battery) 20 18 16 14 12 10 8 A 8 C D 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. When there is no international trade, the equilibrium price is per battery and when there is international trade the equilibrium price is per battery.
- The graph to the right shows the market for water bottles in Thirsty-country with free trade (S1), with tariffs (S2), and with domestic firms only (S3). Shade in the area to show the amount of the tariff collected. Drund irgok: 15 Tritf6-45-15 f 15x (205) Quanty thousandRecently, US imposed new tariffs on Canadian softwood lumber. Lumber is intensively used in the construction and renovation projects for single-family homes. US Mkt. for lumber. Pw is the price of lumber available to domestic construction firms before the imposition of tariffs. On the graph, show (1) the price of lumber with tariff (PT); (2) quantity of lumber produced by domestic producers (Qsd); (3) quantity of lumber bought by domestic construction firms (Qdd); (4) quantity of lumber imported (IM); (5) revenue from tariff (TR); (6) Tariff deadweight loss (DWL). (5) With up/down arrows, indicate the change in the price of lumber available to domestic construction firms___, quantity of lumber available to domestic construction firms__ , quantity of lumber produced in the US__. In the market for lumber: 1. (10%) Label clearly the supply and demand curves, S and D, and . 2. (60%) On the graph, construct and label clearly (1) the price after the introduction of the tariff (PT) (2)…Decisions for Tomorrow a. Graphically show the impact of the retaliatory tariff in the Chinese market for soybeans (Hint: China imports soybeans from the U.S.). Instructions: Drag the price, Pw to show the new price of soybeans, Pw+t, associated with this tariff-restricted trade. Soybean Market in China (with imports from the U.S.) Price of Soybeans 。° wet W Quantity of Soybeans -D b. What happened to the market price in China for these imported soybeans from the U.S.? O No change Decrease O Increase
- The graph below shows a small country that produces wine, with no international trade, existing in a state of autarky. 0 Price (dollars per barrel) 80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 5 0 Market for Wine S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Quantity (millions of barrels) Tools Pworld i Q₁ -8 Q₁ a. What is the initial market price and quantity of wine traded in equilibrium? Ре Pe: $ per barrel Qe million barrels Now suppose this small country opens its market to international trade. Suppose the world price of wine is $60 per barrel. b. Use the graph above to indicate the world price, the new domestic quantity supplied (Q), and the new domestic quantity demanded (Qd). Instructions: Use the tool provided "Pworld" to draw a horizontal world price such that the first point touches the vertical axis. Use the tools provided "Qs" and "Qd" to indicate the domestic quantity supplied and domestic quantity demanded. million barrels of wine. c. At the world price of $60 per barrel, this…plz help Assume country A produces and consumes cupboards. The autarky price of a cupboard in country A is USD100 and the domestic production and consumption in the absence of trade is 160 units. Assume further that the free trade of cupboards is USD40, explain the partial equilibrium effect of a 50% tariff imposed by Country A on cupboards.The figure shows trade in auto parts between the United States, Mexico, and Asia. Had the United States and Mexico failed to join the United States-Mexico-Canada (USMCA) free trade agreement, Mexico's supply curve would have been SMex. a. Shift Mexico's supply curve to show the impact of USMCA on this market. 20 19 18 17 S. Меx S' Mex 16 15 14 13 12 A 11 8 10 S. +t Asia S Asia 8 4 3 2 M US 1 20 40 60 80 100 120 140 160 180 200 Import Quantity b. Who supplies auto parts to the United States? Does the United States import a larger quantity of auto parts after USMCA; that is, does trade creation occur? After the USMCA was established, Mexico and Asia supply - auto parts to the United States. The United States imports the same amount of - auto parts after USMCA. Trade creation does not occur - c. What is the change in government revenue compared with before USMCA? -30 Change in government revenue: $ Price ($)
