Homework Help is Here – Start Your Trial Now!
Business
Management
Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Price($) 10,500 Quantity Demanded Quantity Supplied (before tariff) 200 80 11,000 180 100 11,500 160 120 12,000 140 140 12,500 120 160 13,000 100 180 13,500 80 200 14,000 60 220 and quantity is Quantity supplied (after tariff) a) The present equilibrium price is $1 thousand. b) Suppose that the Canadian government imposes a $3,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. c) The new equilibrium price is $ and quantity is thousand. d) The total revenue received by the government will be $ million. is e) Assume, instead, that the government imposes an import quota of 80,000 cars. The new equilibrium price is $ thousand. and quantity f) Does the government now receive any revenue? (Click to select)

Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Price($) 10,500 Quantity Demanded Quantity Supplied (before tariff) 200 80 11,000 180 100 11,500 160 120 12,000 140 140 12,500 120 160 13,000 100 180 13,500 80 200 14,000 60 220 and quantity is Quantity supplied (after tariff) a) The present equilibrium price is $1 thousand. b) Suppose that the Canadian government imposes a $3,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. c) The new equilibrium price is $ and quantity is thousand. d) The total revenue received by the government will be $ million. is e) Assume, instead, that the government imposes an import quota of 80,000 cars. The new equilibrium price is $ thousand. and quantity f) Does the government now receive any revenue? (Click to select)

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
See similar textbooks
icon
Related questions
Question
Please find the answer for this Question. I need all answers pls i will give 5 upvotes
Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Price($) 10,500 Quantity Demanded Quantity Supplied (before tariff) 200 80 11,000 180 100 11,500 160 120 12,000 140 140 12,500 120 160 13,000 100 180 13,500 80 200 14,000 60 220 and quantity is Quantity supplied (after tariff) a) The present equilibrium price is $1 thousand. b) Suppose that the Canadian government imposes a $3,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. c) The new equilibrium price is $ and quantity is thousand. d) The total revenue received by the government will be $ million. is e) Assume, instead, that the government imposes an import quota of 80,000 cars. The new equilibrium price is $ thousand. and quantity f) Does the government now receive any revenue? (Click to select)
Transcribed Image Text:Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Price($) 10,500 Quantity Demanded Quantity Supplied (before tariff) 200 80 11,000 180 100 11,500 160 120 12,000 140 140 12,500 120 160 13,000 100 180 13,500 80 200 14,000 60 220 and quantity is Quantity supplied (after tariff) a) The present equilibrium price is $1 thousand. b) Suppose that the Canadian government imposes a $3,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. c) The new equilibrium price is $ and quantity is thousand. d) The total revenue received by the government will be $ million. is e) Assume, instead, that the government imposes an import quota of 80,000 cars. The new equilibrium price is $ thousand. and quantity f) Does the government now receive any revenue? (Click to select)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Understanding Business
Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education
Management (14th Edition)
Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract…
Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning
Management Information Systems: Managing The Digi…
Management Information Systems: Managing The Digi…
Management
ISBN:
9780135191798
Author:
Kenneth C. Laudon, Jane P. Laudon
Publisher:
PEARSON
Business Essentials (12th Edition) (What's New in…
Business Essentials (12th Edition) (What's New in…
Management
ISBN:
9780134728391
Author:
Ronald J. Ebert, Ricky W. Griffin
Publisher:
PEARSON
Fundamentals of Management (10th Edition)
Fundamentals of Management (10th Edition)
Management
ISBN:
9780134237473
Author:
Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:
PEARSON
SEE MORE TEXTBOOKS