Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 4, Problem 2SQP
To determine
Impact of import quotas on the quantity supplied.
Expert Solution & Answer
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Use a graph to show the impact on the price of Japanese cars sold in the United States if the United States imposes import quotas and other trade restrictions that decrease the supply of Japanese cars. Now, draw another graph to show how the change in the price of Japanese cars affects the price of American-made cars in the United States. Explain the market outcome in each graph and the link between the two graphs.
Consider the economy of Russia, which produces oil and cars that are sold both domestically and internationally. Suppose an increase in foreign income causes an increase in the world demand for oil, whereas the supply does not change.
The following graph shows the market for oil in Russia.
Adjust the following graph to show the effect of a higher demand for oil on the economy of Russia.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.
Suppose that Carlos and Deborah are the only suppliers of pieces of cake in some hypothetical market. Their annual supply schedules are given by the
following table:
Carlos's Quantity Supplied Deborah's Quantity Supplied
(Pieces)
ITT
20
30
35
40
PRICE (Dollars per piece)
(Dollars per piece)
5
Price
0
0
1
2
3
4
5
20
On the following graph, plot Carlos's supply of pieces of cake using the green points (triangle symbol). Next, plot Deborah's supply of pieces of cake
using the purple points (diamond symbol). Finally, plot the market supply of pieces of cake using the orange points (square symbol).
Note: Line segments will automatically connect the points. Remember to plot from left to right.
(?)
40
60
80
QUANTITY (Pieces)
100
(Pieces)
120
20
40
55
65
70
Carlos's Supply
Deborah's Supply
O
Market Supply
Chapter 4 Solutions
Micro Economics For Today
Ch. 4.2 - Prob. 1YTECh. 4.2 - Prob. 2YTECh. 4.2 - Prob. 3YTECh. 4.2 - Prob. 4YTECh. 4.3 - Prob. 1YTECh. 4.3 - Prob. 2YTECh. 4 - Prob. 1SQPCh. 4 - Prob. 2SQPCh. 4 - Prob. 3SQPCh. 4 - Prob. 4SQP
Ch. 4 - Prob. 5SQPCh. 4 - Prob. 6SQPCh. 4 - Prob. 7SQPCh. 4 - Prob. 8SQPCh. 4 - Prob. 9SQPCh. 4 - Prob. 10SQPCh. 4 - Prob. 1SQCh. 4 - Prob. 2SQCh. 4 - Prob. 3SQCh. 4 - Prob. 4SQCh. 4 - Prob. 5SQCh. 4 - Prob. 6SQCh. 4 - Prob. 7SQCh. 4 - Prob. 8SQCh. 4 - Prob. 9SQCh. 4 - Prob. 10SQCh. 4 - Prob. 11SQCh. 4 - Prob. 12SQCh. 4 - Prob. 13SQCh. 4 - Prob. 14SQCh. 4 - Prob. 15SQCh. 4 - Prob. 16SQCh. 4 - Prob. 17SQCh. 4 - Prob. 18SQCh. 4 - Prob. 19SQCh. 4 - Prob. 20SQ
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- Suppose both the demand for olives and the supply of olives decline by equal amounts over some time period. Use graphical analysis to show the effect on equilibrium price and quantity. Instructions: On the graph below, use your mouse to click and drag the supply and demand curves as necessary. Price of olives Quantity of olives S₁ Oarrow_forwardConsider the market for different Apartments. Use the chart below to answer the following questions. Demand and Supply Schedules Buyer Willingness to Pay Seller Willingness to Sell Olivia $800 Ted $800 Michael $1,000 Paula $1,000 Kristen $1,200 Chris $1,200 Amy $1,400 Ryan $1,400 Steve $1,600 Karen $1,600 1. Using the table above draw out the respective demand and supply curves for the buyers and sellers (remember: each buyer and seller represents 1 quantity) 2. At an equilibrium price of $1,300, label the areas for both consumer and producer surplus on the graph 3. Calculate the consumer and producer surplus as well as the total surplus areas on the graph [Sum the individual surpluses buyers face then do the same for sellers] 4. Michael argues that he is not able to live in the area at the given equilibrium price of $1,200 and he is successful in getting a price ceiling implemented at $800, what…arrow_forwardThe following table shows the annual demand and supply in the market for shoes in Miami. Price (Dollars per pair of shoes) 20 40 60 80 PRICE (Dollars per pair of shoes) 120 100 20 On the following graph, plot the demand for shoes using the blue point (circle symbol). Next, plot the supply of shoes using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shoes. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 0 100 0 Quantity Demanded (Pairs of shoes) 1,100 900 800 200 600 500 400 600 800 QUANTITY (Pairs of shoes) Quantity Supplied (Pairs of shoes) 200 400 500 900 1000 1,200 1200 O Demand Supply Equilibriumarrow_forward
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