If the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $8.00 per unit?Quantity of BarrelsSupplied(Millions)Quantity of BarrelsDemanded(Millions)024681012The amount of imports after the $8.00 per-unit tax isresponses as a whole number.)gesPriceperBarrelGet more help.$48Using the table above, after the imposition of the $8.00 per-unit tax, the new quantity supplied is 4 million barrels and the new quantity demanded is 12 million barrels. (Enter your responses as a wholenumber.)1216202428141312111098million barrels per day. Before the tax, domestic producers supplied 0 barrels of crude oil. They now supply million barrelsClear all(Enter yourmorelessCheck answer(e)

Imports is the difference between quantity of barrels demanded and quantity of barrels supplied.

If the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $8.00 per unit? Quantity of Barrels Quantity of Barrels Supplied (Millions) Demanded (Millions) 0 14 2 13 4 12 11 10 Price per Barrel $4 8 12 16 20 24 28 6 8 10 12 9 8 Using the table above, after the imposition of the $8.00 per-unit tax, the new quantity supplied is 4 million barrels and the new quantity demanded is 12 million barrels. (Enter your responses as a whole number.) The amount of imports after the $8.00 per-unit tax is million barrels per day. Before the tax, domestic producers supplied 0 barrels of crude oil. They now supply million barrels responses as a whole number.) (Enter your more less x

If the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $8.00 per unit? Quantity of Barrels Quantity of Barrels Supplied (Millions) Demanded (Millions) 0 14 2 13 4 12 11 10 Price per Barrel $4 8 12 16 20 24 28 6 8 10 12 9 8 Using the table above, after the imposition of the $8.00 per-unit tax, the new quantity supplied is 4 million barrels and the new quantity demanded is 12 million barrels. (Enter your responses as a whole number.) The amount of imports after the $8.00 per-unit tax is million barrels per day. Before the tax, domestic producers supplied 0 barrels of crude oil. They now supply million barrels responses as a whole number.) (Enter your more less x

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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