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Question 2
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- Explain how a subsidy on agricultural goods like sugar adversely affects the income of foreign producers of imported sugar.How would direct subsidies to key industries be preferable to tariffs or quotas?Suppose that Estonia, which is a"small economy, and it can import plastic chairs at a price of 20 per unit The domestic supply curve of plastic chairs is the following: S=40+10P And the demand curve in Estonia for plastic chairs is: D=800-5P In addition, each unit of plastic chair production yields a marginal social benefit of 10. a) Calculate the total effect on welfare of a tariff of 15 per unit levied on imports. Only typed answer
- 25 20 15 10 5 0 S e) $13.5 -IP 0369 12 15 18 21 24 24. If the free trade price is IP and this country imposes a trade tariff of $3, what will be the resulting welfare loss to consumers? (Hint: the area of a triangle is 1/2 the base times the heigh O a) $3 Ob) $40.5 O c) SO O d) $27Use the graph below and the following information to answer the next question(s). The world price of soybeans is $5.00 per bushel, and the importing country is small enough not to affect the world price. Suppose the government puts a tariff of $1.00 per bushel on soybean imports. How much will domestic production increase? 65 5 60 70 O $ 20 million 80 million bushels O $ 60 million O $ 30 million 130 140 Q/millions bushels D S World priceQuestion Completion Status: 25 Sd 20 15 p* a bc IP 10 Dd 0 3 6. 12 15 18 21 24 18. If the free trade price is IP and this country imposes a trade tariff of $3, the loss to consumers as a result of the imposition of the tariff is represented by O (a) area (a) in this graph O (b) area (b) in this graph (c) areas (c) + d) (d) areas (b) + (c) + (d) (e) areas (a) + (b) + (c) + (d) 9.
- Homework (Ch 09) Q Search th The following graph shows the domestic supply of and demand for maize in Panama. The world price (Pw) of maize is $270 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount dermanded by any one country does not affect the world price of maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Domestic Demand Domestic Supply 450 430 410 300 370 350 330 260 270 PRICE (Dollars per ton)Q4. The supply S and demand D for sugar in US are: S = 3500 + 6.2P D = 10500 – 3.8P where P is the price of sugar (in tons) and S and D are in thousand tons. The world price is 300 $/ton. Assume that the US is a small country in the sugar market. (a) If there was free trade, how much sugar would the United States import from the rest of the world?Refer to Figure 9-11. What is the amount of deadweight loss from under consumption of carnations? Price of Carnations $14 12 10 B 9 4 $0 O $50 $100 $150 100 200 300 400 500 Domestic Supply Tariff World Price Domestic Demand 600 Quantity of Camations (in dozens)
- 3 1190 Domestic Demand E 1140 1090 PRICE (Dollars per ton) 1040 990 940 890 840 790 740 690 0 10 20 + I 1 1 R 30 40 50 60 70 QUANTITY (Tons of limes) A tariff set at this level would raise $ F If Zambia is open to international trade in limes without any restrictions, it will import % Domestic Supply 5 T Suppose the Zambian government wants to reduce imports to exactly 40 tons of limes to help domestic producers. A tariff of achieve this. G 1 I 6 P. 80 90 100 W Y in revenue for the Zambian government. H & 7 ? U 8 00 J tons of limes. Grade It Now 9 K O per ton will Save & Continue Continue without eaving O PQuestion 4 Consider the following graph below. This represents the domestic market for widgets. Free trade is allowed and the current world price is $12: 35 30 Domestic demand 25 6 20 P 15 10 Domestic Addns 10 20 30 40 50 60 Quantity (thousands per month) With free trade this country will: 15 MacBook AirThe following graph shows the supply and demand curves of gloves for Portugal. Germany and France supply gloves to Portugal at a price of $2 and $3, respectively. The green line indicates a 100% nondiscriminatory tariff on Portugal's glove imports. PRICE (Dollars per pair of gloves) 10 9 O 8 2 1 0 ☐ 0 □ 2 ☐ 4 O ☐ O ☐ O 6 ☐ O ☐ O 8 10 12 14 QUANTITY (Pairs of gloves) Suppose Portugal forms a customs union with France. □ C 16 The customs union results in the trade creation effect of $ 0 Stariff SE F SG O 18 20 (?) and the trade diversion effect of $ If, instead, Portugal forms a customs union with Germany, the result will be a by an amount equal to a effect of $ The overall welfare of Portugal customs union. The welfare of Portugal will