Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 7, Problem 2SPA
To determine
How many roses would the US wholesales buy from US growers and importers at the lowest possible price.
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Trying to construct a graph that shows
U.S. Demand curve for sugar.
U.S. Supply curve for sugar.
Show world price and U.S. price (show dollar values).
Show quantity supplied by U.S. firms and U.S. sugar consumption on graph (show values). Quantity is in pounds. These values are on the attached files.
Figure how many pounds of sugar are imported. This will be a value. Show it on the graph.
Shade the area(s) of dead-weight loss on the graph (no value needed).
Mark the area which is the revenue for foreign sugar producers—figure the dollar value and note it on the graph.
Sugar consumption in the U.S. 2009-2019
Pounds(Billions)
2009
21.82
2010
22.48
2011
22.26
2012
22.92
2013
23.58
2014
23.80
2015
23.80
2016
24.20
2017
24.09
2018
24.20
2019
24.25
Sugar production in the U.S. 2009-2019
Pounds(Billions)
2009
15.87
2010
15.65
2011
16.97
2012
17.85
2013
16.97
2014
17.30
2015
17.98…
Price differences in “similar” products in different countries often exist. What canexplain those differences?
Suppose that the world price of baseball caps is €1 and there are no import restrictions on this product. Assume that Spanish consumers are indifferent between domestic and imported baseball caps. a. What quantity of baseball caps will domestic suppliers supply to domestic consumers ?__________thousands
Chapter 7 Solutions
Macroeconomics
Ch. 7.1 - Prob. 1RQCh. 7.1 - Prob. 2RQCh. 7.2 - Prob. 1RQCh. 7.2 - Prob. 2RQCh. 7.2 - Prob. 3RQCh. 7.3 - Prob. 1RQCh. 7.3 - Prob. 2RQCh. 7.3 - Prob. 3RQCh. 7.3 - Prob. 4RQCh. 7.3 - Prob. 5RQ
Ch. 7.4 - Prob. 1RQCh. 7.4 - Prob. 2RQCh. 7.4 - Prob. 3RQCh. 7.4 - Prob. 4RQCh. 7.4 - Prob. 5RQCh. 7 - Prob. 1SPACh. 7 - Prob. 2SPACh. 7 - Prob. 3SPACh. 7 - Prob. 4SPACh. 7 - Prob. 5SPACh. 7 - Prob. 6SPACh. 7 - Prob. 7SPACh. 7 - Prob. 8SPACh. 7 - Prob. 9SPACh. 7 - Prob. 10SPACh. 7 - Prob. 11SPACh. 7 - Prob. 12APACh. 7 - Prob. 13APACh. 7 - Prob. 14APACh. 7 - Prob. 15APACh. 7 - Prob. 16APACh. 7 - Prob. 17APACh. 7 - Prob. 18APACh. 7 - Prob. 19APACh. 7 - Prob. 20APACh. 7 - Prob. 21APACh. 7 - Prob. 22APACh. 7 - Prob. 23APACh. 7 - Prob. 24APACh. 7 - Prob. 25APACh. 7 - Prob. 26APACh. 7 - Prob. 27APACh. 7 - Prob. 28APA
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- How did the laws or policies relating to importation of oil/petroleum of countries affect the spending of the consumer?arrow_forwardWhat can government do to limit importsarrow_forwardMany U.S. firms import products or parts from other countries indstead of producing them domestically. In fact, most iPhones are other smartphones are made not in the U.S. but in China. Many politicians, notably Presidents Trump and Biden, and commentators argue that the government should protect domestic jobs in this country by penalizing the practice of importing from other countries. How are Americans affected by this practice? Does this hurt Americans by international trade as they are consumers and ordinary resident in the U.S.?arrow_forward
- Summarize how an online venture that sells imported Honduran coffee beans would appeal to various cultures.arrow_forward4. Pricing foreign goodsarrow_forwardHow much revenue does the government receive with this import tariff? Note- the amount imported is 80 goods. Idk how to calculate thisarrow_forward
- 1 of What is the effect of a tariff on the market price? Select one: a. It keeps the price of the exported good the same as the world price. b. It raises the price of the imported good above the world price. c. It lowers the price of the exported good below the world price. d. It lowers the price of the imported good below the world price.arrow_forwardWhat would likely be the effect of a country significantly lowering tariffs on agricultural imports? A. Domestic agricultural prices increase and local production decreases. B. Domestic agricultural prices decrease and local production increases. C. Domestic agricultural prices decrease and local production decreases. D. Domestic agricultural prices and local production remain unchanged.arrow_forwardWhy do consumers in the United States pay more than double the world price for sugar?arrow_forward
- The box said higher or lower for the 1 question an OA. win: lose OB. lose: win OC. lose: lose OD. win: win The United States exports athletic coaching services and imports coffee. The price of athletic coaching services in the United States is without international trade. As a result of trade in athletic coaching services, U.S. producers of athletic coaching services and U.S. consumers of athletic coaching services Click to select your answer. Show Transcribed Text The box said higher or lower for the 1 question 5 OA win; lose OB. lose; win OC. win: win OD. lose; lose C 3 C The price of coffee in the United States is trade. As a result of trade in coffee, the U.S. producers of coffee with international trade than with international trade than without international and U.S. consumers of coffee T tri Aarrow_forwardIf the world price is greater than $120, does this create a shortage or surplus of contact lenses in the domestic market? PS- Graph shown is for contact lenses Idk what would the right answer is?arrow_forwardFigure 7-2 Price (dollars per pound) US supply $3.00 250 Pw+ Tari World price, Pw u.S. demand 175 0.500 45 Quantity of coffee (millions of pounds) 15 24 30 36 Suppose the US. government imposes a $0.75 per pound tariff on coffee imports. Figure 7-2 shows the impact of this tariff. Refer to Figure 7-2. With the tariff in place, the United States O imports 30 million pounds of coffee. O imports 12 million pounds of coffee exports 36 million pounds of coffee O imports 24 million pounds of coffeearrow_forward
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