1700 Domestic Demand 1600 1500 1400 1300 1200 1100 1000 900 800 700 02 Domestic Supply W 8 10 12 14 16 18 20 QUANTITY (Thousands of tons of oranges) Consumer surplus Producer surplus Government revenue World Price Plus Tariff g Government Revenue DWL implete the following table to summarize your results from the previous two graphs. Under Free Trade (Dollars) Under a Tariff (Dollars) sed on your analysis, as a result of the tariff, Guatemala's consumer surplus decreases by S ncreases and producer surplus Taking into account how much revenue the tariff generates for the government, the net welfare effect

1700 Domestic Demand 1600 1500 1400 1300 1200 1100 1000 900 800 700 02 Domestic Supply W 8 10 12 14 16 18 20 QUANTITY (Thousands of tons of oranges) Consumer surplus Producer surplus Government revenue World Price Plus Tariff g Government Revenue DWL implete the following table to summarize your results from the previous two graphs. Under Free Trade (Dollars) Under a Tariff (Dollars) sed on your analysis, as a result of the tariff, Guatemala's consumer surplus decreases by S ncreases and producer surplus Taking into account how much revenue the tariff generates for the government, the net welfare effect

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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9 Assume Australia is an importer of sofas and there are no trade restrictions. Australian consumers buy 1 000 000 sofas per year, of which 450 000 are produced domestically and 550 000 are imported. a Suppose that a technological advance among Swedish sofa manufacturers causes the world price of sofas to fall by $200. Draw a graph to show how this change affects the welfare of Australian consumers and Australian producers, and how it affects total surplus in Australia. b After the fall in price, Australian consumers buy 1 150 000 sofas, of which 300 000 are produced domestically and 850 000 are imported. Calculate the change in consumer surplus, producer surplus and total surplus from the price reduction. c Ifthe government responded by putting a $200 tariff on imported sofas, what would this do? Calculate the revenue that would be raised and the deadweight loss. Would it be a good policy from the standpoint of Australian welfare? Who might support the policy? d Suppose that the fall…
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Quantify the effects of a country’s tariff on sugar Situation with import tariff Estimated situation without tariff World price $0.10per pound $0.10per pound Tariff $0.02per pound 0 Domestic price $0.12per pound $0.10per pound Domestic consumption (billions of pounds per year) 20 22 Domestic production (billions of pounds per year) 8 6 Imports (billions of pounds per year) 12 16 Calculate the following measures:• The domestic consumers’ gain from removing the tariff. • The domestic producers’ loss from removing the tariff. • The government tariff revenue loss.• The net effect on national well-being.
Figure 9-6 PRICE 219 12 Domestic Supply 11 Domestic Demand 10 9 B E World Price +Tariff World Price 1 2 3 4 5 6 7 8 9 10 11 12 QUANTITY Refer to Figure 9-6. The area C+D+E+F represents O the deadweight loss of the tariff minus government revenue raised by the tariff. O the decrease in total surplus caused by the tariff. O the deadweight loss of the tariff plus government revenue raised by the tariff. O the decrease in consumer surplus caused by the tariff.
PRICE (Dollars perton) 1100 Domestic Demand 1000 900 800 700 600 500 400 300 200 100 0 35 Domestic Supply P W 70 105 140 175 210 245 280 315 350 QUANTITY (Tons of limes) Consumer Surplus Producer Surplus Consumer 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 of limes will be demanded in South Africa, and tons will be supplied by domestic suppliers. Therefore, South Africa will export tons of limes. Producer Surplus Using the information from the previous tasks, complete the following table to analyze the welfare effect of allowing free trade. With Free Trade (Dollars) Without Free Trade (Dollars) When South Africa allows free trade, the country's producer surplus by S by S and consumer surplus . Therefore, the net effect of allowing international trade on South Africa's total surplus is a of
How much revenue does the government receive with this import tariff? Note- the amount imported is 80 goods. Idk how to calculate this
Using a domestic-market demand- and supply-curve graph, a. show the impact of tariff on a small country's import price, domestic demand, domestic supply, import quantity, consumer surplus, producer surplus, government revenue, and total welfare; b. Is the country unambiguously worse off as a result of the tariff? c. In the same graph, show how to achieve the same import quantity with an import quota; d. When would the tariff and the import quota lead to the same amount of welfare change? e. How would the answers to (a) and (b) change for a large country?
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Incorrect Question 1 Suppose Home is a large country whose supply and demand curves are given by the left of the following figures. Demestic Market International Market Price Price X*+t Supply $10 57 Demand s2 12 14 20 26 28 36 12 16 04 Assume that the world price under the free trade was $6 and the government imposed an import tariff of $5 which was shared by domestic consumers and foreign exporters. 1. With the new tariff, home consumers need to pay $ 11 for the goods, foreign exporters receive $ from selling the goods and paying tariff. 2. Under the free trade, consumer surplus was $ 14 and producer surplus was $ 6 3. With $5 tariff, consumer surplus is $ 9 and producer surplus is $ 11 and government tariff revenue is $ 5 4. With tariff, the terms of trade gains is $ 50 and total deadweight loss is $ 8 5. In this case, imposition of tariff increases country's total welfare by $ 5 Need all answers i need to put in the boxes
Using the following graph to answer the following questions. If the United States imposes a tariff of a $1.25 on T-shirts. 1. How many T-shirts does the United States import? 2. How much is the tariff revenue? 3. Which area is the consumer surplus? 4. Which area is the U.S. producer surplus? 5. Which area shows the loss in economic surplus? Price (dollars per T-shirt) 15 10 10 415 10 20 20 Tariff revenue 30 Imports with tariff 40 50 60 Sus Tariff World price Dus 70 80 Quantity (millions of T-shirts per year)
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