35 Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). pints Price ($) 8,000 Quantity Demanded Quantity Supplied (before tariff) Quantity supplied (after tariff) 180 60 9,000 160 80 10,000 140 100 eBook 11,000 120 120 Print 12,000 100 140 13,000 80 160 References 14,000 60 180 40 200 and quantity is 15,000 a) The present equilibrium price is $ b) Suppose that the Canadian government imposes a $2,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. thousand. c) The new equilibrium price is $ and quantity is thousand. d) The total revenue received by the government will be $ million. e) Assume, instead, that the government imposes an import quota of 100,000 cars. The new equilibrium price is $ and quantity is thousand.
35 Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). pints Price ($) 8,000 Quantity Demanded Quantity Supplied (before tariff) Quantity supplied (after tariff) 180 60 9,000 160 80 10,000 140 100 eBook 11,000 120 120 Print 12,000 100 140 13,000 80 160 References 14,000 60 180 40 200 and quantity is 15,000 a) The present equilibrium price is $ b) Suppose that the Canadian government imposes a $2,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. thousand. c) The new equilibrium price is $ and quantity is thousand. d) The total revenue received by the government will be $ million. e) Assume, instead, that the government imposes an import quota of 100,000 cars. The new equilibrium price is $ and quantity is thousand.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:35
Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in
thousands).
pints
Price ($)
8,000
Quantity Demanded
Quantity Supplied
(before tariff)
Quantity supplied
(after tariff)
180
60
9,000
160
80
10,000
140
100
eBook
11,000
120
120
Print
12,000
100
140
13,000
80
160
References
14,000
60
180
40
200
and quantity is
15,000
a) The present equilibrium price is $
b) Suppose that the Canadian government imposes a $2,000 per car tariff on imported Japanese cars. Show the new
supply in the last column above.
thousand.
c) The new equilibrium price is $
and quantity is
thousand.
d) The total revenue received by the government will be $
million.
e) Assume, instead, that the government imposes an import quota of 100,000 cars. The new equilibrium price is $
and quantity is
thousand.
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