If the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $4.00 per unit? Price per Barrel $4 8 12 16 20 24 28 Quantity of Barrels Supplied (Millions) 0 2 4 6 8 10 12 Quantity of Barrels Demanded (Millions) Using the table above, after the imposition of the $4.00 per-unit tax, the new quantity supplied is million barrels. (Enter your responses as a whole number.) 43210 9 8 11 million barrels and the new quantity demanded is

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.

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The demand and supply functions for a product in a large country are given as Qd = 130 – 3P and Qs = -30 + 2P respectively. The world price is 20$ and the large country imposes an ad valorem tariff of %50. After the imposition of tariff world price decreases to 16$. Calculate the change in consumer surplus, producer surplus, government revenue and social welfare after the imposition of tariff.

Economics Question

If the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $4.00 per unit? 1.) Using the line drawing tool, help determine the quantity of U.S. crude oil imports after the $4.00 per-unit tax by drawing a horizontal line at the price paid by U.S. consumers. Label this line + Tax'. 2.) Using the point drawing tool, determine quantity demanded at the price paid by U.S. consumers after the imposition of the import tax. Label this line 'Pop'. 3.) Using the point drawing tool, determine quantity supplied at the price paid by U.S. consumers after the imposition of the import tax. Label this line "Pas". Carefully follow the instructions above and only draw the required objects. The amount of imports after the $4.00 per-unit tax is million barrels per day. Before the tax, domestic producers supplied 0 barrels of crude oil. They now supply million barrels Price per barrel…

The following graph shows the domestic supply of and demand for maize in Burundi. 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 demanded 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. 450 Domestic Demand Domestic Supply 430 410 390 370 350 330 310 290 P 270 250 40 80 120 180 200 240 280 320 360 400 QUANTITY (Tons of maize) If Burundi is open to international trade in maize without any restrictions, it will import tons of maize. Suppose the Burundian government wants to reduce imports to exactly 160 tons of maize to help domestic producers. A tariff of per ton will achieve this. A tariff set at this level would raise $ in revenue for the…

The figure below shows the domestic supply and demand demand for shoes. As labeled, the no-trade domestic equilibrium occurs at a price of $80 per pair of shoes. If international trade is permitted, the world supply price is labeled at $60 per pair of shoes. P P₁ = $80- P = $60 S 1,000 1,200 1,300 Number of shoes D Suppose the cost of domestic production decreases so that the new equilibrium domestic price of a pair of shoes is $70. As a result, which of the following is true? a. The number of pairs of shoes exported from the country increases b. The number of pairs of shoes exported from the country decreases C. The number of pairs of shoes imported into the country decreases d. The number of pairs of shoes imported into the country increases