Figure 9-12 Price 84 78 Domestic Supply 72 66 60 54 World Price 48- 42 36 + 30 + 24+ 18+ 12+ 6- Domestic Demand 400 800 1200 1600 2000 2400 2800 Quantity Refer to Figure 9-12. Producer surplus after trade is O a. $35,200. O b. $30,000. O c. $38,400. O d. $28,000. Click Save and Submit to save and submit. Click Save All Answers to save all ansu

Figure 9-12 Price 84 78 Domestic Supply 72 66 60 54 World Price 48- 42 36 + 30 + 24+ 18+ 12+ 6- Domestic Demand 400 800 1200 1600 2000 2400 2800 Quantity Refer to Figure 9-12. Producer surplus after trade is O a. $35,200. O b. $30,000. O c. $38,400. O d. $28,000. Click Save and Submit to save and submit. Click Save All Answers to save all ansu

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Chapter 10: In the small open economy of Gatorland, the domestic demand for widgets is given by P=100-3Q; the home supply of widget is given by P = Q. The world price is $40. Now let the government of Gatorland give a $15 per unit subsidy on each widget exported. What is the value of total subsidy payments to Gatorland's widget exporters? O $825 O $600 O $125 O $225
The graph below shows the domestic supply and demand and the world price for an exporting country. Price of $100 shoes in 90 U.S. dollars C B D + B 80 D D Pworld 60 50 40 30 20 10 B A K O 1 Exporting country supply and demand graph 2 3 Schoos Exports = 2.5 million Identify the area on the graph that represents the consumer surplus for domestic consumers if the country exports its product. Dshoes 4 5 Millions of pairs of shoos
Figure 9-1 Price $50 10 10 15 O 5 units US Supply O 15 units O 10 units O 20 units World price Quantity of leather footwear Figure 9-1 shows the U.S. demand and supply for leather footwear. US Demand Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. What will be the quantity demanded?
5. Both foreign (Sf) and domestic steel (Sd) producers supply the US market (Sdtf is the combined supply curve). US Steel Market without Tariff US Steel Market with Tariff 10 O 10 20 30 40 s0 60 70 80 90 100 Quanity in millions of tons per year D 10 20 30 40 50 60 70 80 90 100 Quantity in millions of tons per Year 0 d st Sdet D -Sd St -Sdef a. After the imposition of the tariff, what is the approximate price of steel? Answer: b. How much of the $200 per ton tariff is paid by domestic consumers of steel? Answer: C. How is the quantity of steel consumed in the US affected? Answer: d. Who benefits and who is harmed by the tariff? Answer. asn soot u uo ad aous Price per Ton in 100s US0
Price (Dollars per unit) 0 2 4 6 8 10 Quantity Supplied (Units) c. 66 units. d. 71 units. Firm A Firm B Firm C Firm D 24680 O O36925 O∞~46 m050515 0 10 0 12 15 0 8 12 14 16 20 25 Refer to Table 4-4. If these are the only four sellers in the market, then the market quantity supplied at a price of $10 is a. 25 units. b. 41 units.
46. Chapter mank071, Section .61, Problem 024 8. $30. OC. $90. OD. $110. Ask me anything 5 8 8 8 8 8 8 8 8 8 8 8888 8 150- 140- 130+ 120- 110- 100+ 30 Price 10+ B Figure 9-1 The figure illustrates the market for coffee in Guatemala. Refer to Figure 9-1. In the absence of trade, the equilibrium price of coffee in Guatemala is OA. $140. C C (2 2 4 6 8 10 12 14 16 18 20 B 8 D F 24 8. $8. 8 S I H 8 ·88 8. 5. Domestic supply World price Domestic demand 3 46 48 50 52 Quantity
Price of Baskets $14 10 7 1 0 $210 $245 $420 40 $455 70 105 Domestic Supply Refer to Figure 9-1. Without trade, what would consumer surplus be? World Price Domestic Demand Quantity of Baskets
3. Using the graph to the right, suppose the country opens up to international trade, the world price is $40, and the government institutes a $10 tariff on each unit imported. What is the quantity demanded, quantity produced domestically, quantity imported from abroad, consumer surplus, producer surplus, tariff revenue, and deadweight loss? Price 0 10 20 30 40 50 60 70 80 90 100 0 50 Comestic Supply Domestic Demand 100 150 200 250 300 350 400 450 Quantity 500
QUESTION 16 Figure # PRICE (Dollars per scooter) 111 Domestic Demand 57 3 3 400 720 QUANTITY (Scooters) Domestic Supply World Price 1040 Refer to Figure. The increase in total surplus resulting from trade is a. $46,560, since consumer surplus increases by $60,528 and producer surplus falls by $13,968. b.$3,840, since consumer surplus increases by $5.760 and producer surplus falls by $1,920. c. $15,360, since consumer surplus increases by $23,040 and producer surplus falls by $7,680. d. $7,680, since consumer surplus increases by $21,120 and producer surplus falls by $13,440.
140 PRICE (Dollars per unit of coffee) ४ 10 110 8 A B C D Domestic Supply World Price Domestic Demand 18 30 BUANTITY (Units of coffee) Refer to Figure 9-1. When trade in coffee is allowed, consumer surplus in Guatemala O increases by the area B + D. O increases by the area C + F. O decreases by the area D + G. decreases by the area B + D.
Supply Ра B D Pw Demand Q Which area in the above graph represents the loss in total surplus for this market if there is no international trade? (Pw is the price that the good sells for in international markets.) В C and D B and C A B and D A and B A and C A and D A
2 Using the graph, assume that the government imposes a $1 tariff on solar panels. Answer the following questions given this information. Price $13 65 8 Domestic Supply $1.00 Tariff World Price Domestic Demand о 30 40 60 84 96 Quantity a. What is the domestic price and quantity demanded of solar panels after the tariff is imposed? b. What is the quantity of solar panels imported before the tariff? c. What is the quantity of solar panels imported after the tariff? d. What would be the amount of consumer surplus before the tariff? e. What would be the amount of consumer surplus after the tariff? f. What would be the amount of producer surplus before the tariff? g. What would be the amount of producer surplus after the tariff? h. What would be the amount of government revenue because of the tariff? i. What would be the total amount of deadweight loss due to the tariff?