4. Effects of a tariff on international trade The following graph shows the domestic demand for and supply of limes in New Zealand. The world price (Pw) of limes is $800 per ton and is displayed as a horizontal black line. Throughout the question, assume that all countries under consideration are small, that is, the amount demanded by any one country does not affect the world price of limes and that there are no transportation or transaction costs associated with international trade in limes. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. 1295 Domestic Demand 1185 1130 1075 Ø 1020 965 910 PRICE (Dollars per ton) 1240 855 800 745 + I 0 30 60 Domestic Supply 90 120 150 180 QUANTITY (Tons of limes) 180 210 240 270 300 A tariff set at this level would raise $ ? If New Zealand is open to international trade in limes without any restrictions, it will import Suppose the New Zealand government wants to reduce imports to exactly 120 tons of limes to help domestic producers. A tariff of $ will achieve this. tons of limes. in revenue for the New Zealand government. per ton

4. Effects of a tariff on international trade The following graph shows the domestic demand for and supply of limes in New Zealand. The world price (Pw) of limes is $800 per ton and is displayed as a horizontal black line. Throughout the question, assume that all countries under consideration are small, that is, the amount demanded by any one country does not affect the world price of limes and that there are no transportation or transaction costs associated with international trade in limes. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. 1295 Domestic Demand 1185 1130 1075 Ø 1020 965 910 PRICE (Dollars per ton) 1240 855 800 745 + I 0 30 60 Domestic Supply 90 120 150 180 QUANTITY (Tons of limes) 180 210 240 270 300 A tariff set at this level would raise $ ? If New Zealand is open to international trade in limes without any restrictions, it will import Suppose the New Zealand government wants to reduce imports to exactly 120 tons of limes to help domestic producers. A tariff of $ will achieve this. tons of limes. in revenue for the New Zealand government. per ton

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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