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Price (S per Barrel) U.S. Quantity Demanded U.S. Quantity Supplied 55 26 14 60 24 16 65 22 18 70 20 20 75 18 22 Using the table above, the U.S. supply curve for oil is upward sloping The US demand curve for oil is downward sloping The supply curve intersects the demand curve at a price of $ 70 and a quantity of 20 million barrels per day With free trade in oil, what price will Americans pay for their oil? Americans will pay $ 60 per barrel At this price, the U.S. demand schedule shows that Americans will buy 24 million barrels per day and U.S. producers will supply 16 million barrels per day. The remaining demand will be met by importing 8 million barrels from foreign source Suppose the United States imposes a tax of $5 per barrel on imported oil. What quantity would Americans buy? At this price, Americans will buy 22 million barrels per day and US. producers would supply 18 million barrels. The remaining demand will be met by importing 4 million barrels from foreign sources How much tax would the govemment collect? The govemment would collect S million tax per day

Price (S per Barrel) U.S. Quantity Demanded U.S. Quantity Supplied 55 26 14 60 24 16 65 22 18 70 20 20 75 18 22 Using the table above, the U.S. supply curve for oil is upward sloping The US demand curve for oil is downward sloping The supply curve intersects the demand curve at a price of $ 70 and a quantity of 20 million barrels per day With free trade in oil, what price will Americans pay for their oil? Americans will pay $ 60 per barrel At this price, the U.S. demand schedule shows that Americans will buy 24 million barrels per day and U.S. producers will supply 16 million barrels per day. The remaining demand will be met by importing 8 million barrels from foreign source Suppose the United States imposes a tax of $5 per barrel on imported oil. What quantity would Americans buy? At this price, Americans will buy 22 million barrels per day and US. producers would supply 18 million barrels. The remaining demand will be met by importing 4 million barrels from foreign sources How much tax would the govemment collect? The govemment would collect S million tax per day

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The government would collect??? Million tax per day.
TTT U.S. Quantity Demanded U.S. Quantity Supplied Price (S per Barrel) 55 26 14 60 24 16 65 22 18 70 20 20 75 18 22 Using the table above, the U.S. supply curve for oil is upward sloping The US. demand curve for oil is downward sloping The supply curve intersects the demand curve at a price of $ 70 and a quantity of 20 million barrels per day. With free trade in oil, what price will Americans pay for their oil? Americans will pay $ 60 per barrel. At this price, the U.S. demand schedule shows that Americans will buy 24 million barrels per day and U.S. producers will supply 16 million barrels per day. The remaining demand will be met by importing 8 million barrels from foreign sources Suppose the United States imposes a tax of 55 per barrel on imported oil. What quantity would Americans buy? At this price, Americans will buy 22 million barrels per day and U.S. producers would supply 18 million barrels. The remaining demand will be met by importing 4 million barrels from foreign sources. How much tax would the govemment collect? The govemment would collect S million tax per day.
Transcribed Image Text:TTT U.S. Quantity Demanded U.S. Quantity Supplied Price (S per Barrel) 55 26 14 60 24 16 65 22 18 70 20 20 75 18 22 Using the table above, the U.S. supply curve for oil is upward sloping The US. demand curve for oil is downward sloping The supply curve intersects the demand curve at a price of $ 70 and a quantity of 20 million barrels per day. With free trade in oil, what price will Americans pay for their oil? Americans will pay $ 60 per barrel. At this price, the U.S. demand schedule shows that Americans will buy 24 million barrels per day and U.S. producers will supply 16 million barrels per day. The remaining demand will be met by importing 8 million barrels from foreign sources Suppose the United States imposes a tax of 55 per barrel on imported oil. What quantity would Americans buy? At this price, Americans will buy 22 million barrels per day and U.S. producers would supply 18 million barrels. The remaining demand will be met by importing 4 million barrels from foreign sources. How much tax would the govemment collect? The govemment would collect S million tax per day.
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