Hand written solutions are strictly prohibited with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral (squaresymbois) to shade the area representing government revenue received from the tariff and the tan points (rectangle symbols) to shade the areasrepresenting deadweight loss (DWL) caused by the tariff.Domestic DemandDomestic Supply370240X310PwPRICE Dolars per ton)430400282 2250220100160D 25 00 75 100 125 150 175 200 225 250QUANTITY (Tons of soybeans)Consumer SurplusProducer SurplusGovernment Revenue|4+4+X|4+0World Price Plus TarifPSGovernment RevenueComplete the following table to summarize your results from the previous two graphs.With Free Trade(Dollars)With a Tariff(Dollars)Based on your analysis, as a result of the tariff, Zambia's consumer surplusand the government collects SbyDWL?by S, producer surplusin revenue. Therefore, the net welfare effect is a of Suppose Zambia is open to free trade in the world market for soybeans. Since Zambia is small relative to the international market, the demand forand supply of soybeans in Zambia have no impact on the world price. The following graph shows the domestic market for soybeans in Zambia. Theworld price of a ton of soybeans is Pw - $250.On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at thefree-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS).PRICE Dolars per ton)460430400370340-310200250220100100Domestic Demand0 25Domestic Supply50 75 100 125 150 175 200 225 250QUANTITY (Tons of soybeans)CSPSBecause Zambia participates in international trade in the market for soybeans, it will importUse the following graph to show the effects of the $30 tariff.tons of soybeans.Now suppose the Zambian government decides to impose a tariff of $30 on each imported ton of soybeans. Under the tariff, the price Zambianconsumers pay for a ton of soybeans becomes, and Zambia will importtons of soybeans.Use the black line folus symbol) to indicate the world price plus the tariff. Then, use the areen points (trianale svmbols) to show the consumer surplus

Consumer surplus is the area below demand curve and above supply curve. Producer surplus is the area…

with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral (square symbols) to shade the area representing government revenue received from the tariff and the tan points (rectangle symbols) to shade the areas representing deadweight loss (DWL) caused by the tariff. PRICE olars perton) 38E%EERS 33 400 400 370 200 220 100 Domestic Demand Domestic Supply PW 0 25 50 75 100 125 160 175 200 225 250 QUANTITY (Tons of soybeans) 4|A+A+X/A World Price Plus Tar PS Government Revenue DWL ?

with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral (square symbols) to shade the area representing government revenue received from the tariff and the tan points (rectangle symbols) to shade the areas representing deadweight loss (DWL) caused by the tariff. PRICE olars perton) 38E%EERS 33 400 400 370 200 220 100 Domestic Demand Domestic Supply PW 0 25 50 75 100 125 160 175 200 225 250 QUANTITY (Tons of soybeans) 4|A+A+X/A World Price Plus Tar PS Government Revenue DWL ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following graph shows the market for wheat in the European Union (EU). The world price of wheat is $4.00 per bushel, so Sworld represents the world supply assuming that the EU cannot affect the world price of wheat. To support the agricultural sector, the EU guarantees a certain price for the farmers by imposing a variable levy of $4.00 per bushel to limit the import of wheat. On the graph, use the purple line (diamond symbol) to show the support price the farmers receive due to the variable $4.00 levy. Note: Select and drag the line segment from the palette to the graph. Then select a point on the line segment and drag it to its desired position. PRICE (Dollars per bushel) 20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0 DEU SEU SWorld 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 WHEAT (Bushels) Before the levy After the levy Support Price SWorld New Fill in the following table by entering the quantities for production, consumption, and imports of wheat in the EU…
Suppose New Zealand is open to free trade in the world market for maize. Since New Zealand is small relative to the international market, the demand for and supply of maize in New Zealand have no impact on the world price. The following graph shows the domestic market for maize in New Zealand. The world price of a ton of maize is Pw $800. = On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at the free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS). PRICE (Dollars per ton) 1150 1100 1050 1000 950 900 850 800 750 700 650 0 Domestic Demand 5 Il a small country 10 15 Domestic Supply 20 25 30 35 QUANTITY (Tons of maize) Pw 40 45 50 CS PS Because New Zealand participates in international trade in the market for maize, it will import Use the following graph to show the effects of the $50 tariff. tons of maize. Now suppose the New…
The graph to the right shows the supply and demand for Japanese-made automobiles in the United States. Assume that Japanese-made and U.S.-made automobiles are of the same quality and are considered to be perfect substitutes. Suppose that the U.S. government imposes a tariff on Japanese-made automobiles. 1.) Using the line drawing tool, show the effect on the market for Japanese-made automobiles. Properly label your line. 2.) Using the point drawing tool, identify the new equilibrium price and quantity. Label it 'E₂'. Carefully follow the instructions above, and only draw the required objects. As a result of the tariff, the price of Japanese-made cars rises and the quantity falls. In the market for American-made cars, there will be and thus the price of American-made cars will equilibrium quantity will and the Price per Automobile ($) S Japanese-made Automobiles (thousands)
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Suppose Zambia is open to free trade in the world market for soybeans. Since Zambia is small relative to the international market, the demand for and supply of soybeans in Zambia have no impact on the world price. The following graph shows the domestic market for soybeans in Zambia. The world price of a ton of soybeans is PW = $250. Use the following graph to show the effects of the $ 10 tariff. Use the black line (plus symbol) to indicate the world price plus the tariff. Then, use the green points (triangle symbols) to show the consumer surplus with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral (square symbols) to shade the area representing government revenue received from the tariff and the tan points (rectangle symbols) to shade the areas representing deadweight loss (DWL) caused by the tariff.
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Suppose that Kenji and Lucia are the only suppliers of shoes in a particular market. The following table shows their annual supply schedules: # Price Kenji's Quantity Supplied Lucia's Quantity Supplied (Dollars per pair) (Pairs) 0 (Pairs) 16 10 20 16 32 30 24 44 40 28 52 50 32 56 On the following graph, plot Kenji's supply of shoes using the green points (triangle symbol). Next, plot Lucia's supply of shoes using the purple points (diamond symbol). Finally, plot the market supply of shoes using the orange points (square symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. (?) 60 T OL F11 ? 5 Esc 69°F Rain coming F1 ! F2 0- @ F3 0+ # F4 $ F5 % F6 F7 C F8 & F9 * F10 O 28 F12 Fn Lock 5 Inse