Principles of Microeconomics
Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 9, Problem 7PA

Sub part (a):

To determine

Importing and the effects of importing to the country.

Sub part (b):

To determine

Importing and the effects of importing to the country.

Sub part (c):

To determine

Importing and the effects of importing to the country.

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Exporting countries Which of the following will be true, everything else remaining constant, for a country that exports some good?    a)The greater the price elasticity of supply for the good in the exporting country, the greater the volume of exports.   b) The more that consumers in the exporting country respond to a change in price, the greater will be the gains from trade.   b) The smaller the price elasticity of demand and supply in the exporting country, the greater the gains from trade.   c) Some domestic suppliers will lose surplus while others will gain surplus.     Choose the statements that match the question and briefly explain your reasoning to understand the question better. Thankyou.
The figure below shows the U.S. market for imported wine. For simplicity, we consider export supply curves to be flat. Chilean wine is available for $480 per barrel and French wine is available for $420 per barrel. Price per barrel $500 $480 $420 10 a. $480 b. $560 C. $500 d. $420 15 a Chilean price French price US demand for imported wine Quantity (millions of barrels per year) Suppose the United States has a tariff of $80 per barrel on imported wine. Then, the United States joins a free-trade area with Chile. At what price per barrel will the imported wines be purchased by the U.S. consumers?
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