00 Demand for imports (before $-devaluation) Demand for imports (after $-devaluation) Price of imports, in foreign currency (before $-devaluation) 100 Suppose the $ is devalued: we go from Yen = $1/100 to Yen = $1/10. What is the elasticity of demand for imports in the USA? 0.05 USA Japan 400 600 200 10 01 O 5.55 800

00 Demand for imports (before $-devaluation) Demand for imports (after $-devaluation) Price of imports, in foreign currency (before $-devaluation) 100 Suppose the $ is devalued: we go from Yen = $1/100 to Yen = $1/10. What is the elasticity of demand for imports in the USA? 0.05 USA Japan 400 600 200 10 01 O 5.55 800

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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7. Lobbying for or against trade restrictions Trade restrictions affect the overall welfare of an economy, sin'ce they change the price consumers pay for a good and the quantity produced and consumed domestically. Trade restrictions, such as quotas, usually benefit domestic ▼ and hurt domestic since they the domestic price of a good. True or False: Producers find it difficult to exert the political influence needed to establish trade restrictions, because the benefits to producers are very small and widely dispersed, which makes it difficult for producers to organize. O False O True
B.