(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) 680 Domestic Demand Domestic Supply 640 600 560 520 480 440 400 360 320 World Price Plus Tariff CS PW ↓ I PS Government Revenue 280 0 5 10 15 20 25 30 35 40 45 50 DWL QUANTITY (Thousands of tons of soybeans) Complete the following table to summarize your results from the previous two graphs. Under Free Trade (Dollars) Under a Tariff (Dollars) Consumer Surplus Producer Surplus Government Revenue 0 (?) Based on your analysis, as a result of the tariff, Colombia's consumer surplus by $ , producer surplus by $ , and the government collects $ in revenue. Therefore, the net welfare effect is a of $

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Quantity Supplied Domentically Jerice Domestically Quantity Demanded 1,400 $10 2,200 1,600 9. 2,000 1,800 1,800 2,000 7. 1,600 2,200 6. 1,400 2,400 1,200 Refer to the accompanying table for a certain product's market in Econland, the world price of the product were $6 and a tariff of $t per unit were applied to imports of the product, then the tariff would generate government revenues of Mutple Choice $400 S1200 S600 S000

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 P

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5. Agricultural export subsidies in a small nation The following graph shows the market for wheat in Canada, where De is the demand curve, Sc is the supply curve, and Pw is the free trade price of wheat. Assume that Canada is a relatively small producer of wheat, so changes in its output do not affect the world price of wheat. Also assume that Canada is currently open to free trade, and domestic consumers are able to purchase wheat at the world price with negligible transportation costs. Suppose a subsidy of $80 per ton is granted to exporters in Canada, allowing them to sell their products abroad at prices below their costs. Assume that trade restrictions are also put in place in order to prevent domestic consumers from buying wheat abroad at the world price. Use the grey line (star symbols) to indicate the world price of wheat plus the subsidy on the following graph. Then use the black point (plus symbol) to indicate the price of wheat in Canada and the quantity demanded at that…

The figure below illustrates the impact of an export subsidy as imposed by a large country. No imports are permitted. Price Domestic price with subsidy World price World price with subsidy Di So Quantity The consumption effect of the export subsidy is shown by area(s) d. Ob. O (d +i+ j). O (b +f+ g).

Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per ton) 1255 1200 1145 €1090 1035 980 925 870 815 760 705 0 I Supply Demand A tariff set at this level would raise $ P. W 40 80 120 180 200 240 280 320 380 400 QUANTITY (Thousands of tons of oranges) Graph Input Tool Market for Oranges in Jordan Price (Dollars per ton) Domestic Demand (Thousands of tons of oranges) If Jordan is open to international trade of oranges without any restrictions, it will import full value for your answer, accounting for the horizontal axis units.) 1,090 in revenue for the Jordanian government. 120 Domestic Supply (Thousands of tons of oranges) Suppose the Jordanian government wants to reduce imports to exactly 80,000 tons of oranges to help domestic producers. A tariff of S will…

Korea’s demand for computers isQK = 2, 000 − PkIts supply isQK = −200 + PkChina’s demand for computers isQC = 1, 000 − Pc Its supply isQC = Pc1. Suppose that Korea imposes a specific tariff of $100 on computerimports. Calculate the price of computers in each country and thequantity of computers supplied and demanded in each country. Alsocalculate the volume of trade.