Refer to the diagram to the right. Theclosed-economy equilibrium price is $14. Theworld price is $8.What is the quantity of imports at the world priceof $8?Imports = 30 units. (Enter your response as awhole number.)By how much will imports be reduced with theintroduction of the $2 tariff?Imports decrease by 10 units. (Enter yourresponse as a whole number.)How much tariff revenue is generated by the $2addition?Tariff revenue = $ (Enter your response as awhole number.)20-18-16-14-12-10-8-6-st2-Ó0Price, P10 20 3040AShome50 60 70Quantity80Pw+tPwDhome90 100 Refer to the diagram to the right. Theclosed-economy equilibrium price is $14. Theworld price is $8.What is the quantity of imports at the world priceof $8?Imports = 30 units. (Enter your response as awhole number.)By how much will imports be reduced with theintroduction of the $2 tariff?Imports decrease by 10 units. (Enter yourresponse as a whole number.)How much tariff revenue is generated by the $2addition?Tariff revenue = $ (Enter your response as awhole number.)20-18-16-14-12-10-8-6-st2-Ó0Price, P10 20 3040AShome50 60 70Quantity80Pw+tPwDhome90 100

Equilibrium is where demand curve intersects the supply curve. So, At equilibrium, quantity…

Refer to the diagram to the right. The closed-economy equilibrium price is $14. The world price is $8. What is the quantity of imports at the world price of $8? Imports 30 units. (Enter your response as a whole number.) By how much will imports be reduced with the introduction of the $2 tariff? Imports decrease by 10 units. (Enter your response as a whole number.) How much tariff revenue is generated by the $2 addition? Tariff revenue = $ (Enter your response as a whole number.) 201 18- 16- 14- 12- 10- 8- 6- 4- 2- 0- 0 Price, P 10 20 30 A 40 50 60 Quantity Shome 70 80 Pw+t Pw Dhome 90 100

Refer to the diagram to the right. The closed-economy equilibrium price is $14. The world price is $8. What is the quantity of imports at the world price of $8? Imports 30 units. (Enter your response as a whole number.) By how much will imports be reduced with the introduction of the $2 tariff? Imports decrease by 10 units. (Enter your response as a whole number.) How much tariff revenue is generated by the $2 addition? Tariff revenue = $ (Enter your response as a whole number.) 201 18- 16- 14- 12- 10- 8- 6- 4- 2- 0- 0 Price, P 10 20 30 A 40 50 60 Quantity Shome 70 80 Pw+t Pw Dhome 90 100

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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am. 111.