Please help me with this carefully. Thank you. 008040PRICE (Dollars per ton)4. Effects of a tariff on international tradeThe following graph shows the domestic supply of and demand for oranges in Guatemala. The world price (Pw) of oranges is $760 per ton and isrepresented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the worldprice of oranges and that there are no transportation or transaction costs associated with international trade in oranges. Also, assume that domesticsuppliers will satisfy domestic demand as much as possible before any exporting or importing takes place.1080Domestic DemandDomestic Supply1040000096920880840008720680007240QUANTITY (Tons of oranges)120280320MacBook ProG Search or type URL->%232.6R.H.C. 00B.PRICE (Dollars per ton)1080Domestic DemandDomestic Supply104000 0n09692088084009720680+2802400 40120320000QUANTITY (Tons of oranges)If Guatemala is open to international trade in oranges without any restrictions, it will importtons of oranges.Suppose the Guatemalan government wants to reduce imports to exactly 160 tons of oranges to help domestic producers. A tariff of $per tonwill achieve this.A tariff set at this level would raise $in revenue for the Guatemalan government.Grade It NowSave & ContinueContinue without savingMacBook ProG Search or type URL->3.H.MI

In an open economy, buyers and producers have an incentive to gain more from making economic…

4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for oranges in Guatemala. The world price (Pw) of oranges is $760 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of oranges and that there are no transportation or transaction costs associated with international trade in oranges. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place.

4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for oranges in Guatemala. The world price (Pw) of oranges is $760 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of oranges and that there are no transportation or transaction costs associated with international trade in oranges. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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