Uncertain if what I have so far is correct and unsure how to solve the rest properly Show the effects of the $40 tariff on the following graph.Use the black line (plus symbol) to indicate the world price plus the tariff. Then, use the greentriangle (triangle symbols) to show the consumers' surplus with the tariff and the purple triangle(diamond symbols) to show the producers' surplus with the tariff. Lastly, use the orangequadrilateral (square symbols) to shade the area representing government revenue received fromthe tariff and the tan triangles (dash symbols) to shade the areas representing the net loss ordeadweight loss (DWL) caused by the tariff.PRICE (Dollars per ton)530490450410$370330290250210170130Domestic Demand048 12 16 20 24QUANTITY (Thousands of tons of wheat)Consumers' SurplusProducers' SurplusGovernment RevenueDomestic SupplyIgovernment collects $283236P0W40+-19,2001,200World Price Plus TariffCSComplete the following table to summarize your results from the previous two graphs.Under Free Trade(Dollars)PSGoverment RevenueDWL?Under a Tariff(Dollars)Based on your analysis, as a result of the tariff, Kenya's consumers' surplus$producers' surplusby $and thetin revenue. Therefore, the net welfare effect is a10,8004,8002,400byof Suppose Kenya is open to free trade in the world market for wheat. Because of Kenya's small size,the demand for and supply of wheat in Kenya do not affect the world price. The following graphshows the domestic wheat market in Kenya. The world price of wheat is Pw=$250 per ton.On the following graph, use the green triangle (triangle symbols) to shade the area representingconsumer's surplus (CS) when the economy is at the free-trade equilibrium. Then, use the purpletriangle (diamond symbols) to shade the area representing producers' surplus (PS).PRICE (Dollars per ton)530 Domestic Demand4904504103703302902502101701300Domestic Supply48 12 16 20 24QUANTITY (Thousands of tons of wheat)P28 32 36 40CSPSⓇIf Kenya allows international trade in the market for wheat, it will importwheat.Now suppose the Kenyan government decides to impose a tariff of $40 on each imported ton ofwheat. After the tariff, the price Kenyan consumers pay for a ton of wheat isKenya will import 40,000 tons of wheat.$310, andShow the effects of the $40 tariff on the following graph.12,000 tons ofUse the black line (plus symbol) to indicate the world price plus the tariff. Then, use the greentriangle (triangle symbols) to show the consumers' surplus with the tariff and the purple triangle(diamond symbols) to show the producers' surplus with the tariff. Lastly, use the orangequadrilateral (square symbols) to shade the area representing government revenue received fromthe tariff and the tan triangles (dash symbols) to shade the areas representing the net loss ordeadweight loss (DWL) caused by the tariff.(2)

In this case, we have to discuss the topics in this model. Consumer surplus is additional benefit of…

Show the effects of the $40 tariff on the following graph. Use the black line (plus symbol) to indicate the world price plus the tariff. Then, use the green triangle (triangle symbols) to show the consumers' surplus with the tariff and the purple triangle (diamond symbols) to show the producers' surplus with the tariff. Lastly, use the orange quadrilateral (square symbols) to shade the area representing government revenue received from the tariff and the tan triangles (dash symbols) to shade the areas representing the net loss or deadweight loss (DWL) caused by the tariff. PRICE (Dollars per ton) 530 490 450 410 $ 370 330 290 250 210 170 130 0 Domestic Demand 12 16 20 24 QUANTITY (Thousands of tons of wheat) 48 Consumers' Surplus Producers' Surplus Government Revenue Domestic Supply I government collects $ 28 32 36 P 0 W 40 World Price Plus Tariff Complete the following table to summarize your results from the previous two graphs. Under Free Trade (Dollars) 19,200 1,200 CS PS Government Revenue DWL Under a Tariff (Dollars) Y Based on your analysis, as a result of the tariff, Kenya's consumers' surplus $ producers' surplus by $ , and the in revenue. Therefore, the net welfare effect is a 10,800 4,800 2,400 ▼ by of

Show the effects of the $40 tariff on the following graph. Use the black line (plus symbol) to indicate the world price plus the tariff. Then, use the green triangle (triangle symbols) to show the consumers' surplus with the tariff and the purple triangle (diamond symbols) to show the producers' surplus with the tariff. Lastly, use the orange quadrilateral (square symbols) to shade the area representing government revenue received from the tariff and the tan triangles (dash symbols) to shade the areas representing the net loss or deadweight loss (DWL) caused by the tariff. PRICE (Dollars per ton) 530 490 450 410 $ 370 330 290 250 210 170 130 0 Domestic Demand 12 16 20 24 QUANTITY (Thousands of tons of wheat) 48 Consumers' Surplus Producers' Surplus Government Revenue Domestic Supply I government collects $ 28 32 36 P 0 W 40 World Price Plus Tariff Complete the following table to summarize your results from the previous two graphs. Under Free Trade (Dollars) 19,200 1,200 CS PS Government Revenue DWL Under a Tariff (Dollars) Y Based on your analysis, as a result of the tariff, Kenya's consumers' surplus $ producers' surplus by $ , and the in revenue. Therefore, the net welfare effect is a 10,800 4,800 2,400 ▼ by of

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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