Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 10000DK30 60 90 120 150 180 210 240 270 300QUANTITY (Thousands of tons)Quota Rents.DWLIn the previous graph, use the green area (triangle symbol) to shade the area that represents the effect of the quota on domestic producer surplus(PS) relative to domestic producer surplus under free trade. Use the tan quadrilateral (dash symbols) to shade the area that represents the quotarents. Finally, use the black areas (plus symbol) to indicate the deadweight loss (DWL) resulting from the quota's consumption and protective effects.The equivalent import tariff for Kazakhstan's apple import quota is SIf Kazakhstan's government auctions off the quota licenses in a well-organized, competitive auction, Kazakhstan experiences a deadweight loss of(Hint: Select a shaded region to see its area. Be sure to adjust for the units on the quantity axis.)per ton of apples. Kazakhstan is an apple producer, as well as an importer of apples. Suppose the following graph shows Kazakhstan's domestic market for apples, whereSx is the supply curve and Dx is the demand curve. The free trade world price of apples (Pw) is $200 per ton. Suppose Kazakhstan's governmentrestricts imports of apples to 120,000 tons. The world price of apples is not affected by the quota. Analyze the effects of the quota on Kazakhstan'swelfare.On the following graph, use the purple line (diamond symbol) to draw the Kazakhstan's supply curve including the quota SK+Q. (Hint: Draw this as astraight line even though this curve should be equivalent to the domestic supply curve below the world price.) Then use the grey line (star symbol) toindicate the new price of apples with a quota of 120,000 apples.PRICE (Dollars perton)1000900800700000500400300200 --100D0300090120160Sk180 210 240 270 3005x+Q--Price with QuotaChange in PSQuota RentsDWL

Deadweight loss is the cost that society has to bear because of the inefficiency of the market…

Kazakhstan is an apple producer, as Sx is the supply curve and Dx is the demand curve. The free trade world price of apples (Pw) is $200 per ton. Suppose Kazakhstan's government restricts imports of apples to 120,000 tons. The world price of apples is not affected by the quota. Analyze the effects of the quota on Kazakhstan's welfare. On the following graph, use the purple line (diamond symbol) to draw the Kazakhstan's supply curve including the quota Sx.q. (Hint: Draw this as a straight line even though this curve should be equivalent to the domestic supply curve below the world price.) Then use the grey line (star symbol) to indicate the new price of apples with a quota of 120,000 apples. PRICE (Dollars perton) 1000 900 800 700 600 500 400 300 100 D Sy 150 180 210 240 270 300 5x+Q Price with Quota A Change in PS Quota Rents DWL ?

Kazakhstan is an apple producer, as Sx is the supply curve and Dx is the demand curve. The free trade world price of apples (Pw) is $200 per ton. Suppose Kazakhstan's government restricts imports of apples to 120,000 tons. The world price of apples is not affected by the quota. Analyze the effects of the quota on Kazakhstan's welfare. On the following graph, use the purple line (diamond symbol) to draw the Kazakhstan's supply curve including the quota Sx.q. (Hint: Draw this as a straight line even though this curve should be equivalent to the domestic supply curve below the world price.) Then use the grey line (star symbol) to indicate the new price of apples with a quota of 120,000 apples. PRICE (Dollars perton) 1000 900 800 700 600 500 400 300 100 D Sy 150 180 210 240 270 300 5x+Q Price with Quota A Change in PS Quota Rents DWL ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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