8. Effects of a tariff on international trade The following graph shows the domestic demand for and supply of maize in Bangladesh. The world price (Pw) of maize is $240 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 maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. PRICE (Dollars per ton) 400 380 360 340 320 300 280 260 240 220 200 Domestic Demand + 0 20 40 Domestic Supply Z 60 80 100 120 140 160 180 200 QUANTITY (Tons of maize) If Bangladesh is open to international trade in maize without any restrictions, will import A tariff set at this level would raise $ Suppose the Bangladeshi government wants to reduce imports to exactly 80 tons of maize to help domestic producers. A tariff of $ will achieve this. tons of maize. in revenue for the Bangladeshi government. per ton

8. Effects of a tariff on international trade The following graph shows the domestic demand for and supply of maize in Bangladesh. The world price (Pw) of maize is $240 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 maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. PRICE (Dollars per ton) 400 380 360 340 320 300 280 260 240 220 200 Domestic Demand + 0 20 40 Domestic Supply Z 60 80 100 120 140 160 180 200 QUANTITY (Tons of maize) If Bangladesh is open to international trade in maize without any restrictions, will import A tariff set at this level would raise $ Suppose the Bangladeshi government wants to reduce imports to exactly 80 tons of maize to help domestic producers. A tariff of $ will achieve this. tons of maize. in revenue for the Bangladeshi 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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