Plz give correct explanation 2.252.0060 70130 140Qmions bushelsDWorld priceSuppose the government puts a tariff of $0.25 per bushel on soybean imports. How much will producer surplus increase or decrease?O Producer surplus will decrease by $8.25 million.Producer surplus will increase by $8.75 million.O Producer surplus will decrease by $8.75 million.O Producer surplus will increase by $8.95 million Use the graph below and the following information to answer the next question(s). The world price of soybeans is $2.00 per bushel, andthe importing country is small enough not to affect the world price.2.0060 70130 140Qinitions bushelsWorld price

Producer surplus is the difference between the price actually received and the minimum willingness…

Use the graph below and the following information to answer the next question(s). The world price of soybeans is $2.00 per bushel, and the importing country is small enough not to affect the world price.

Use the graph below and the following information to answer the next question(s). The world price of soybeans is $2.00 per bushel, and the importing country is small enough not to affect the world price.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Plz give correct explanation

2.25
2.00
60 70
130 140
Qmions bushels
D
World price
Suppose the government puts a tariff of $0.25 per bushel on soybean imports. How much will producer surplus increase or decrease?
O Producer surplus will decrease by $8.25 million.
Producer surplus will increase by $8.75 million.
O Producer surplus will decrease by $8.75 million.
O Producer surplus will increase by $8.95 million

Use the graph below and the following information to answer the next question(s). The world price of soybeans is $2.00 per bushel, and
the importing country is small enough not to affect the world price.
2.00
60 70
130 140
Qinitions bushels
World price

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