Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 7, Problem 3SPA
To determine
The equilibrium without international trade and with free trade on a graph.
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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…
A semiconductor is a key component in your laptop, cell phone, and iPod. The table provides information about the market for semiconductors in the United States. Producers of semiconductors can get $18 a unit on the world market.
Draw a graph to illustrate the U.S. supply and demand market for semiconductors. What is the price with free international trade? What is the quantity of semiconductors produced in U.S. and total quantity bought by U.S. people and the quantity exported from other countries?
South Korea to Resume US Beef Imports
South Korea will open its market to most U.S. beef. South Korea banned
imports of U.S. beef in 2003 amid concerns over a case of mad cow disease in
the United States. The ban closed what was then the third-largest market for
U.S. beef exporters.
Source: CNN, May 29, 2008
The graph shows the market for beef in the United States. Assume that South
Korea is the only importer of U.S. beef.
Draw a point of the quantity demanded and the price when South Korea allows
imports of beef from the United States. Label this point 1.
Draw a point at the quantity supplied by U.S. beef farmers and the price when
South Korea allows imports of beef from the United States. Label this point 2.
Draw a point to show the price and quantity of beef when South Korea bans
imports of U.S. beef.
In the United States, the winners from the ban on U.S. beef are
losers are
A. producers; consumers
OB. consumers; producers
and the
12-
10-
4-
2-
Price (dollars per pound)
80
S
World…
Chapter 7 Solutions
Microeconomics (13th Edition)
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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