Use the green triangle (triangle symbol) to shade in the area representing consumer surplus, and then use the purple triang shade in the area representing producer surplus PRICE (Dollars per on) 300 800 100 Domestic Demand Domestic Supply P 50 100 150 200 250 300 350 400 450 500 QUANTITY (Tons of times) 20 Consumer Surplus Producer Surplus ? When South Africa adjusts its trade policy to allow free trade of limes, the price of one ton of limes in South Africa becomes $800. At this price, tons will be supplied by domestic suppliers. tons of limes will be demanded in South Africa, and [ Therefore, South Africa will export tons of limes. Using the information from the previous tasks, complete the following table to analyze the welfare effect of allowing free trade. Without Free Trade With Free Trade (Dollars) (Dollars) Consumer Surplus Producer Surplus by S , and consumer surplus . Therefore, the net effect of allowing international trade on South Africa's total surplus is a of When South Africa allows free trade, the country's producer surplus by S

Assuming the market outcome, and a world price of $6.50 calculate the following:  Price Qddom Qsdom Imports or exports

The figure provided shows the Canadian domestic market for calculators. Price of calculators $450 40 30 20 25 10 S world price with tariff world price Fore 50 100 200 300 400 500 600 700 800 900 Quantity of calculators If the world price is $5 and an import quota of 600 is imposed, the price after the quota, in numerals, is

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PRICE (Dollars per tonne) 800 Domestic Demand 750 700 650 600 550 500 450 400 350 300 0 Domestic Supply 40 80 120 160 200 240 280 320 360 400 QUANTITY (Thousands of tonnes of tangerines) No Trade Equilibrium A Consumer Surplus ◇ Producer Surplus Based on the previous graph, total surplus in the absence of international trade is the graph.) $25 million. (Hint: Take note of the units on the axes of The following graph shows the same domestic demand and supply curves for tangerines in Guatemala presented in the previous graph. Suppose that the Guatemalan government changes its international trade policy to allow free trade in tangerines. The horizontal black line (Pw) represents the world price of tangerines at $500 per tonne. Assume that Guatemala's entry into the world market for tangerines has no effect on the world price and that there are no transportation or transaction costs associated with international trade in tangerines. Also assume that domestic suppliers will satisfy domestic…

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The U.S. is an importer of ethanol, and let’s assume they are a price-taker in the world market.  Suppose that a technological advance in ethanol production in Brazil, the world’s largest exporter, drives down the world price of ethanol by $5.     Draw a graph and explain how this change in world price affects consumer surplus, producer surplus, and total surplus in the U.S. market.                                              Now suppose the U.S. government institutes an import tariff of $5 in response to the fall in the world price.  On your graph label the revenue raised by the tariff and the deadweight loss created (if it exists).  Who is likely to support this policy?                     Suppose that the fall in price is attributable not to a technological advance but to a subsidy from the Brazilian government to Brazilian ethanol producers.  How would this affect your analysis?

The table below represents the quantity of rice demanded for selected countries.     Quantity of Rice Demanded (millions of metric tons) Price (U.S. dollars per metric ton) Japan Taiwan South Korea Market Total $600 13 7 8   500 14 8.5 10.5   400 15 10 13   300 16 11.5 15.5   200 17 13 18   What is the quantity of rice demanded in the market (in metric tons) if the market price is $300 per metric ton?         million metric tons  Round your answers to 1 decimal place.

Price of Carnations $14 $400 $100 $500 $200 12- 10- 8 6 4 2 Domestic Supply Tariff World Price Domestic Demand 100 200 300 400 500 600 Quantity of Carnations (in dozens) Refer to the figure above. What is the amount of deadweight loss caused by the tariff?