Let us consider the case of Venezuela. A tariff is imposed on imported clothes in Venezuela. In the presence of free trade, the quantity of clothesproduced locally in Venezuela was 14413 per year. After the imposition of tariff, the quantity of clothes produced locally in Venezuela increased by two-fifth (2/5) or 40% compared to the estimate of the previous sentence when there was free trade. The quantity of clothes bought locally in Venezuela is24396 per year after tariff. The quantity of clothes bought locally in Venezuela decreased by 33% in the presence of tariffs compared to what it wasduring free trade.a) What was the quantity bought locally per year when there was free trade?Please give your answers in two decimal placesb) What is the quantity of clothes imported in Venezuela in a month on average after the imposition of the aforementioned tariff?Please give your answers in two decimal placesc) What is the percentage change in the quantity of clothes imported in Venezuela per year after the imposition of the aforementioned tariff comparedto free trade?Please give your answers in absolute value without percentage sign and in two decimal places. If your answer is -56.3452% write 56.35

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Let us consider the case of Venezuela. A tariff is imposed on imported clothes in Venezuela. In the presence of free trade, the quantity of clothes produced locally in Venezuela was 14413 per year. After the imposition of tariff, the quantity of clothes produced locally in Venezuela increased by two- fifth (2/5) or 40% compared to the estimate of the previous sentence when there was free trade. The quantity of clothes bought locally in Venezuela is 24396 per year after tariff. The quantity of clothes bought locally in Venezuela decreased by 33% in the presence of tariffs compared to what it was during free trade.

Let us consider the case of Venezuela. A tariff is imposed on imported clothes in Venezuela. In the presence of free trade, the quantity of clothes produced locally in Venezuela was 14413 per year. After the imposition of tariff, the quantity of clothes produced locally in Venezuela increased by two- fifth (2/5) or 40% compared to the estimate of the previous sentence when there was free trade. The quantity of clothes bought locally in Venezuela is 24396 per year after tariff. The quantity of clothes bought locally in Venezuela decreased by 33% in the presence of tariffs compared to what it was during free trade.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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