Consider the figure to the right, which shows the domestic market for a good. Suppose that a tariff is added in that market. Using the line drawing tool, show the effect of this on the domestic market Label your line either D,' or 'S, Carefully follow the instructions above and only draw the required object When a tariff is added, it benefits domestic because it product due to the price of a close producers consumers foreign firms demand for the domestic Price (1) $20 $16 $16 $14 $12 $10 16 16 $4 $2 12 Quantity S D₂ 14 16 G

Consider the figure to the right, which shows the domestic market for a good. Suppose that a tariff is added in that market. Using the line drawing tool, show the effect of this on the domestic market Label your line either D,' or 'S, Carefully follow the instructions above and only draw the required object When a tariff is added, it benefits domestic because it product due to the price of a close producers consumers foreign firms demand for the domestic Price (1) $20 $16 $16 $14 $12 $10 16 16 $4 $2 12 Quantity S D₂ 14 16 G

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Lesson 12 Question 7
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There is a country which produces cars. It costs $11,000 for the domestic producers to produce one car, but they are not competitive on the world market where these cars are sold at $10,000. There is free trade between this country and the rest of the world right now. The government is thinking about applying export subsidies to promote car export. As a government advisor, try to give a hint whether it is good idea or not? Who wins and who loses by applying the subsidies? How much subsidy would allow domestic producers to sell on the world market? Provide the arguments on which your advice is based!
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