PRICE (Dollars per ton)800590560530500470W 440410380350Domestic Demand3203D030 60EConsumer SurplusProducer SurplusC90 120 150 180 210QUANTITY (Tons of melons)When Guatemala adjusts its trade policy to allow free trade of melons, the price of one ton of melons in Guatemala becomes $500. At this price,tons of melons will be demanded in Guatemala, andtons will be supplied by domestic suppliers.Therefore, Guatemala will exporttons of melons.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)$4When Guatemala allows free trade, the country's producer surplusby sRFDomestic SupplyV5TP.GW240 270270 3006by sand consumer surplusTherefore, the net effect of allowing international trade on Guatemala's total surplus is aYConsumer SurplusHProducer Surplus&7NUJ*8M1(9KOOLPof:;{[?

Consumer Surplus: Consumer surplus is the net benefits that the consumer receives by purchasing…

Answered: 600 Domestic Demand PRICE (Dollars per…

600 Domestic Demand PRICE (Dollars per ton) 500 560 530 500 470 440 410 380 350- 320 0 30 60 90 120 150 180 210 QUANTITY (Tons of melons) P 240 270 W 300 Consumer Surplus Producer Surplus

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Price ($) woo.8888883G [a] I only [b] II and III only [c] I, II, and III [d] III only 45 42 39 36 33 30 27 24 21 18 15 12 1 2 3 4 5 6 7 8 9 10 I. Total surplus will increase by $35,000. II. Domestic consumers will purchase 9,000 units. III. The country will export 7,000 units. S World Price 16. The graph above demonstrates the domestic demand and supply for a good, as well as the world price for that good. If this economy were to go from autarky to free trade, which of the following statements is true? Quantity (in thousands)
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The following figure illustrates the tomato market for Mexico, assumed to be a "small" country that is unable to affect the world price. Suppose the world price of tomato is given and constant at $100 per ton. SM is the domestic supply and DM is the domestic demand for Mexico. Now suppose the Mexican government provides production subsidy of $200 per ton to its tomato producers. SM (with subsidy) is Mexico's supply schedule with production subsidy. Price ($) 800 SM SM (with subsidy) 300 100 World price DM 8 Tons of Tomatoes Refer to the figure above. As a result of the production subsidy, the deadweight loss to Mexico equals [ Select) 20
Consider the market for slug repellant. This good can be produced in the United States or abroad. Assume U.S. consumers wish to buy the least expensive slug repellant possible. Price Quantity demanded $6 13000 $7 12000 $8 11000 $9 10000 $10 9000 $11 8000 Quantity supplied domestically 2000 4000 6000 8000 9000 10000 Quantity supplied by importers if trade is allowed 5000 5000 5000 5000 5000 5000 If international trade is allowed, what is the equilibrium price?
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