Figure 7-2 Price (dollar per pound) U.Supply $3.00 2.50 Py+Tar World price, P US. demand 175 0.500 45 Quantity of coffee (millions of pounds) 15 24 30 36 Suppose the US. government imposes a $0.75 per pound tariff on coffee imports. Figure 7-2 shows the impact of this tariff. Refer to Figure 7-2. With the tariff in place, the United States O imports 30 million pounds of coffee. O imports 12 million pounds of coffee cxports 36 million pounds of coffe. O imports 24 million pounds of coffee

Figure 7-2 Price (dollar per pound) U.Supply $3.00 2.50 Py+Tar World price, P US. demand 175 0.500 45 Quantity of coffee (millions of pounds) 15 24 30 36 Suppose the US. government imposes a $0.75 per pound tariff on coffee imports. Figure 7-2 shows the impact of this tariff. Refer to Figure 7-2. With the tariff in place, the United States O imports 30 million pounds of coffee. O imports 12 million pounds of coffee cxports 36 million pounds of coffe. O imports 24 million pounds of coffee

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. What do the welfare effects of an import quota differ from those of import tariff?
Assuming the market outcome, and a world price of $6.50 calculate the following: Price Qddom Qsdom Imports or exports
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if the world price is 5 dollars and import quota 300. The price after the quota will be ? I dont understand how to read this graph and make real sense the data and how it is affected by the tax. I struggle with the formulas needed to make conclusions about the information
I have no idea what the answer is.
In the domestic market with no trade, the equilibrium price is _____ and the quantity traded is ____ units a. $90, 1,150 b. $60, 650 c. $60, 1,150 d. $40, 1,800
PRICE 212900 11 8 76 5 4 3 2 Domestic Demand G D B E Domestic Supply World Price+Tarif World Price 1 2 3 4 5 6 7 8 9 10 11 12 QUANTITY Refer to Figure 9-6. The tariff Ⓒa. increases producer surplus by the area C and decreases consumer surplus by the area C + D + E + F. Ob. decreases producer surplus by the area C and decreases consumer surplus by the area C+D+E+F. c. decreases producer surplus by the area C + D and decreases consumer surplus by the area D + E + F. d. increases producer surplus by the area B + C and decrease consumer surplus by the area D+E+F.
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2. Assume that Sweden and Norway currently producing and consuming soybeans and coffee. The following table 1 shows the prices of soybeans and coffee for both nations. Table 1: Prices of soybean and coffee Price (per carton) Soybeans (S) Coffee ($) Sweden Norway 64 85 71 82 Based on relative price of coffee, can Norway gain by exporting soybeans? If no, what commodity Norway should export? Briefly explain this scenario by using an appropriate diagram.
Figure: Tariffs Price $90 88 150 O $90; 1,150 O $60; 650 O $60, 1,150 O $40; 1,800 Domestic spply World supply tarif 1150 1550 1800 In the domestic market with international trade and no tariffs, the price is Domenic demand Quantity and the quantity purchased in the United States is units.
37)When a small country imposes an import tariff, world prices fall because less is demanded. Select one: True False Explain this now
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