The following graph shows the domestic demand for and supply of limes in New Zealand. The world price (Pw) of limes is $820 per ton and is displayed as a horizontal black line. Throughout the question, assume that all countries under consideration are small, that is, the amount demanded by any one country does not affect the world price of limes and that there are no transportation or transaction costs associated with international trade in limes. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. PRICE (Dollars per ton) 1220 1170 1120 1070 1020 970 920 870 820 770 720 Domestic Demand 0 50 Domestic Supply MK 100 150 200 250 300 350 400 450 500 QUANTITY (Tons of limes) Pw A tariff set at this level would raise $ ? Activity Frame If New Zealand is open to international trade in limes without any restrictions, it will import Suppose the New Zealand government wants to reduce imports to exactly 200 tons of limes to help domestic producers. A tariff of $ will achieve this. tons of limes. in revenue for the New Zealand government. per ton

The following graph shows the domestic demand for and supply of limes in New Zealand. The world price (Pw) of limes is $820 per ton and is displayed as a horizontal black line. Throughout the question, assume that all countries under consideration are small, that is, the amount demanded by any one country does not affect the world price of limes and that there are no transportation or transaction costs associated with international trade in limes. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. PRICE (Dollars per ton) 1220 1170 1120 1070 1020 970 920 870 820 770 720 Domestic Demand 0 50 Domestic Supply MK 100 150 200 250 300 350 400 450 500 QUANTITY (Tons of limes) Pw A tariff set at this level would raise $ ? Activity Frame If New Zealand is open to international trade in limes without any restrictions, it will import Suppose the New Zealand government wants to reduce imports to exactly 200 tons of limes to help domestic producers. A tariff of $ will achieve this. tons of limes. in revenue for the New Zealand government. per ton

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.8P

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