Could you answer numbers 4, 5, and 6? Effects of Free Trade and RestrictionsUse the graph below to answer the following questions:Price$11.00$7.50$6.00$4.0046.9.1215QuantityThe graph above shows the demand and supply of wrenches for the country of Spain.1. If trade is avoided, Spain consumeswrenches at a price ofper wrench.2. With free trade, for a world price of $4 per wrench, Spain is producingwrenches.3. With free trade, for a world price of $4 per wrench, Spain is consumingwrenches.4. With free trade, for a world price of $4 per wrench, Spain is importingwrenches.5. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, Spain producesand importswrenches.6. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, how much tariff revenue will the Spain's government collect?

Equilibrium is achieved at the output level where quantity demanded equals quantity supplied.

The graph above shows the demand and supply of wrenches for the country of Spain. 1. If trade is avoided, Spain consumes wrenches at a price of per wrench. wrenches. 2. With free trade, for a world price of $4 per wrench, Spain is producing 3. With free trade, for a world price of $4 per wrench, Spain is consuming wrenches. 4. With free trade, for a world price of $4 per wrench, Spain is importing wrenches. 5. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, Spain produces and imports 6. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, how much tariff revenue will the Spain's government collect? wrenches.

The graph above shows the demand and supply of wrenches for the country of Spain. 1. If trade is avoided, Spain consumes wrenches at a price of per wrench. wrenches. 2. With free trade, for a world price of $4 per wrench, Spain is producing 3. With free trade, for a world price of $4 per wrench, Spain is consuming wrenches. 4. With free trade, for a world price of $4 per wrench, Spain is importing wrenches. 5. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, Spain produces and imports 6. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, how much tariff revenue will the Spain's government collect? wrenches.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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