The following graph shows the domestic demand for and supply of oranges in Guatemala. The world price (Pw) of oranges is $540 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 oranges and that there are no transportation or transaction costs associated with international trade in oranges. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. PRICE (Dollars per ton) 990 Domestic Demand 940 890 840 790 740 690 640 590 540 490 50, 540 Domestic Supply Pw W + I 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Tons of oranges) (? If Guatemala is open to international trade in oranges without any restrictions, it will import tons of oranges. Suppose the Guatemalan government wants to reduce imports to exactly 100 tons of oranges to help domestic producers. A tariff of $ will achieve this. per ton

The following graph shows the domestic demand for and supply of oranges in Guatemala. The world price (Pw) of oranges is $540 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 oranges and that there are no transportation or transaction costs associated with international trade in oranges. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. PRICE (Dollars per ton) 990 Domestic Demand 940 890 840 790 740 690 640 590 540 490 50, 540 Domestic Supply Pw W + I 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Tons of oranges) (? If Guatemala is open to international trade in oranges without any restrictions, it will import tons of oranges. Suppose the Guatemalan government wants to reduce imports to exactly 100 tons of oranges to help domestic producers. A tariff of $ will achieve this. 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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