Topic 3 AssignmentThe following graph shows the domestic supply of and demand for maize in Bangladesh. Bangladesh is open to international trade of maize withoutany restrictions. The world price (Pw) of maize is $245 per ton and is represented by the horizontal black line. Throughout this problem, assume thatthe amount demanded by any one country does not affect the world price of maize and that there are no transportation or transaction costs associatedwith international trade in maize. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting orimporting takes place.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.470Supply420305XIIDemandIPRICE (Dollars perton)445245720DPW40 80 120 150 200 240 280 320 350 400QUANTITY (Thousands of tons of maize)Graph Input ToolMarket for Maize in BangladeshPrice(Dollars per ton)SearchDomestic Demand(Thousands of tonsof maize)If Bangladesh is open to international trade of maize without any restrictions, it will importfull value for your answer, accounting for the horizontal axis units.)395120Domestic Supply(Thousands of tonsof maize)?280Suppose the Bangladeshi government wants to reduce imports to exactly 80,000 tons of maize to help domestic producers. A tariff of Stons of maize. (Note: Be sure to enter themmper

Tariff is a term used in international economics.. Tariff means the tax imposed on the trade that…

desh is open to international trade of maize without any restrictions, it will import for your answer, accounting for the horizontal axis units.) tons of maize. (Note: Be sure to enter the the Bangladeshi government wants to reduce imports to exactly 80,000 tons of maize to help domestic producers. A tariff of 5 per

desh is open to international trade of maize without any restrictions, it will import for your answer, accounting for the horizontal axis units.) tons of maize. (Note: Be sure to enter the the Bangladeshi government wants to reduce imports to exactly 80,000 tons of maize to help domestic producers. A tariff of 5 per

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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