5. (Topic 5) The market for onions a) **Let's assume the domestic demand and supply functions for onions in Australia was given by: QD-165-25P Qs-50P-30 b) Sketch a basic diagram of the Australian market for onions, with calculated domestic equilibrium price and quantity, and label axis intercepts. c) **Australia is a net exporter of onions in the international market. Assuming the world price of onions is currently $3.00 per kg, calculate the quantity of onions produced and consumed domestically, and amount of onions exported, and the value of export sales. d) * Refer to your diagram, and comment on what would happen in the domestic market for onions if we suddenly lost our access to international trade in this market. How does trade affect the welfare of producers and consumers, and the domestic economy overall? Is there a deadweight loss implied by allowing trade? Or not allowing trade? Substantiate
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- QUESTION 6 The following figure depicts the supply and demand schedules of calculators for Greece, a "small" country that is unable to affect the world price. Greece's supply and demand schedules of calculators are respectively depicted by SG and DG Assume that Greece imports calculators from either Germany or France. Suppose Germany is the world's low-cost producer who can supply calculators to Greece at $20 per unit, while France can supply calculators at S30 per unit. Queny f Cako Referring to the above figure, suppose Greece forms a customs union with France. Greece will import: a. 3 calculators at a per-unit price of $40 b.3 calculators at a per-unit price of $30 c.6 calculators at a per-unit price of $30 d.6 calculators at a per-unit price of $407 Assignment - ECN204 021 - Introductory Macroeconomics - W2023 Chapter 17 Assignment 1 02:45:27 Mc Graw Hill 0 P+ Tariff QsTariff The domestic supply-and-demand diagram below represents a product in which Canada does not have a comparative advantage. a. What impact do foreign imports have on domestic price and quantity? Imports (Click to select) the domestic price, (Click to select) consumption and (Click to select) domestic production. b. The diagram below shows a protective tariff that eliminates part of the imports that exist at the world price, Pworld- P. world # B a A 0 Revenue Quantity QTariff $domestic Pdomestic Ddomestic ezto.mheducation.com M Question 1- Chapter 17 Assignment - Connect b Success Con 4+1 H6. Imports and Exports When China's clothing industry expands, the increase in world supply lowers the world price of clothing. Consider the effects this has on both an importer and an exporter of clothing. Suppose the following graph represents the market for clothing in Pakistan prior to the expansion of China's clothing industry. Pakistan is an of clothing because the world price is the domestic equilibrium price. Note: You will have to use green points (triangle symbol) and purple points (diamond symbol) to shade the consumer and producer surplus areas on the following graphs. There are two green points and two purple points per graph. Use either one point of both to most accurately indicate the areas. For example, if indicating the consumer surplus requires only one green point, leave the second one on the palette. Use the green point (triangle symbol) to shade consumer surplus in Pakistan before China's clothing industry expands. Then use the purple point (diamond symbol) to…
- 00 7 F. PRICE (Dollars per ton) 4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for soybeans in Honduras. The world price (Pw) of soybeans is $530 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of soybeans and that there are no transportation or transaction costs associated with international trade in soybeans. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. 2. Domestic Demand Domestic Supply 770 740 710 680 650 620 06 P, 530 MacBook Pro Search or type URL 4. 51 9.Assume that the United States, as a steel-importing nation, is large enough so that changes in the quantity of its imports influence the world price of steel. The following table shows the U.S. supply and demand schedules for steel, along with the overall amount of steel supplied to U.S. consumers by domestic and foreign producers. Price (Dollars per ton) 100 200 300 400 PRICE (Dollars per ton) 800 700 600 500 400 300 200 100 500 600 700 0 0 2 Using the data in the table, use the blue points (circle symbol) to plot the demand curve and use the orange points (square symbol) to plot the supply curve (domestic plus imports) on the following graph. Then use the black cross to indicate the equilibrium price and quantity. ? 6 (Domestic) 0 0 1 2 3 5 Quantity Supplied The new equilibrium is (Domestic plus Imports) 0 8 10 12 14 16 18 20 QUANTITY (Tons of steel) With free trade, the equilibrium price of steel is $ 4 8 12 16 20 24 tons are supplied by U.S. producers, and tons are imported.…Assume that the United States, as a steel-importing nation, is large enough so that changes in the quantity of its imports influence the world price of steel. The following table shows the U.S. supply and demand schedules for steel, along with the overall amount of steel supplied to U.S. consumers by domestic and foreign producers. Price Quantity Supplied (Dollars per ton) (Domestic) (Domestic plus Imports) Quantity Demanded 100 0 0 15 200 4 14 300 8 13 400 12 12 500 16 11 600 20 10 700 5 24 9 Using the data in the table, use the blue points (circle symbol) to plot the demand curve and use the orange points (square symbol) to plot the supply curve (domestic plus imports) on the following graph. Then use the black cross to indicate the equilibrium price and quantity. BOO -O Demand -P Supply us free trade + Equilibrium Free trade 4 Supply wond wit Equilibrium PRICE (Dollars per fon) 700 600 500 400 300 200 100+ 0 6 0 1 2 3 4 10 12 14 16 18 20 22 24 0 2 4 QUANTITY (Tons of steel) With…
- 8) Suppose the United States imposes a tariff or quota on sugar imports. For each of the following, enter the letter G ifit will gain from the tariff or quota or enter the letter L if it will lose from the tariff or quota.Domestic sugar producers and their workers _______Consumers _______Industries that use sugar and their workers _______9) _______________ are goods and services produced domestically but sold to other countries. _______________ are goods and services bought domestically but produced in other countries._______________ are taxes imposed by a government on imports of a good into a country. a,Tarrifs b, exports c,quotas D,Imports 10) Which of the following are non-tariff barriers to trade?National security grounds.Health and safety requirements.Embargoes.All of the above.10. Problems and Applications Q10 Consider a small country that exports steel. Suppose the following graph depicts the domestic demand and supply for steel in this country. One of the two price lines represents the world price of steel. Use the following graph to help you answer the questions below. You will not be graded on any changes made to this graph. Price of Steel (Dollars perton) 100 90 2 2 2 2 2 2 - 60 40 30 20 10 Demand 0 100 200 300 400 500 600 700 Quantity of Steel (Tons) Supply 800 900 1000 Triangle Polygon6. Imports and Exports When China's clothing industry expands, the increase in world supply lowers the world price of clothing. Consider the effects this has on both an importer and an exporter of clothing. Suppose the following graph represents the market for clothing in Cambodia prior to the expansion of China's clothing industry. Cambodia is an of clothing because the world price is v the domestic equilibrium price. Note: You will have to use green points (triangle symbol) and purple points (diamond symbol) to shade the consumer and producer surplus areas on the following graphs. There are two green points and two purple points per graph. Use either one point of both to most accurately indicate the areas. For example, if indicating the consumer surplus requires only one green point, leave the second one on the palette. Use the green point (triangle symbol) to shade consumer surplus in Cambodia before China's clothing industry expands. Then use the purple point (diamond symbol) to…
- (Figure: Market for TVs 2) According to the figure, if there is international trade in this market, and the world price of a television is $500, the quantity demanded is and domestic suppliers will sell units to domestic consumers. Price 1,000 Domestic supply 500 Domestic demand 50 100 Quantity of TVs (in thousands) O 70,000; 20,000 O 70,000: 40,000 O 80,000; 20,000 O 70,000; 60,000Short Answer (Write the word, phrase or sentence that best completes each statement 1) Figure below depicts the supply and demand schedules of machinery for Turkey, a country that is unable to affect the world price. Turkey's supply and demand schedules of machinery are respectively depicted by Sr and Dr. Assume that Turkey imports machinery þither from the US or Germany. Suppose that the US is the world's low-cost producer who can supply machinery to Turkey at $20 per unit, while Germany can supply calculators at $30 per unit. Figure: Turkey's Machinery Trade with and w/o Customs Union Price 70 60 50 40 30 20 10 Quantity a) Consider the above figure. With free trade, Turkey imports _All_machine(s) from b) Assume Turkey levies a per-unit tariff of $20 on imports from both the US and Germany. Turkey will import machine(s) from c) Assume Turkey levies a per-unit tariff of $20 on imports from both the US and Germany. As a result of the $20 tariff, Turkey's consumer surplus falls by: $_ d)…Both the United States and global economies are booming. Will U.S. imports and/or exports increase?