Refer to the information in the followina table and answer questions 15 to 18. Quantity demanded domestically 15000 Price Quantity supplied domestically $ 20 20000 17500 20000 22500 25000 17 14 11 8 17500 15000 12500 10000 15 If the market were closed to the international trade, the revenue earned by the domestic producers will be:... 16 If the market was open to international trade and the world price was $11, total revenue of the international trade will be:.... 17 Assume world price $14 includes a tariff of $3 per product. Net revenue of the foreign suppliers after tariff will be:..

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Refer to the information in the followina table
and answer questions 15 to 18.
Quantity
demanded
domestically
15000
Price Quantity
supplied
domestically
$ 20 20000
17500
20000
22500
25000
17
14
11
8
17500
15000
12500
10000
15 If the market were closed to the
international trade, the revenue earned by the
domestic producers will be:...
16 If the market was open to international
trade and the world price was $11, total
revenue of the international trade will be:......
17 Assume world price $14 includes a tariff of
$3 per product. Net revenue of the foreign
suppliers after tariff will be:..
18 At the world price $11 which includes tariff
of $3 per product, quota of 10000 imported
items will enable the government to get
$30000 as tariff revenue if tariff duty is
abolished. Do you agree? Why?
Transcribed Image Text:Refer to the information in the followina table and answer questions 15 to 18. Quantity demanded domestically 15000 Price Quantity supplied domestically $ 20 20000 17500 20000 22500 25000 17 14 11 8 17500 15000 12500 10000 15 If the market were closed to the international trade, the revenue earned by the domestic producers will be:... 16 If the market was open to international trade and the world price was $11, total revenue of the international trade will be:...... 17 Assume world price $14 includes a tariff of $3 per product. Net revenue of the foreign suppliers after tariff will be:.. 18 At the world price $11 which includes tariff of $3 per product, quota of 10000 imported items will enable the government to get $30000 as tariff revenue if tariff duty is abolished. Do you agree? Why?
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