Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Quantity Supplied (before tariff) Quantity supplied (after tariff) Price($) 10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 Quantity Demanded 180 160 140 120 100 80 68 40 60 80 100 120 140 160 180 200 60 80 100 120 A140 160M a) The present equilibrium price is $ 13,000 and quantity is 120 thousand. b) Suppose that the Canadian government imposes a $2,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. A c) The new equilibrium price is $ 14.000 and quantity is 100 thousand. million. d) The total revenue received by the government will be $ e) Assume, instead, that the government imposes an import quota of 100,000 cars. The new equilibrium price is $ quantity is thousand. f) Does the government now receive any revenue? (Click to select) and

Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Quantity Supplied (before tariff) Quantity supplied (after tariff) Price($) 10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 Quantity Demanded 180 160 140 120 100 80 68 40 60 80 100 120 140 160 180 200 60 80 100 120 A140 160M a) The present equilibrium price is $ 13,000 and quantity is 120 thousand. b) Suppose that the Canadian government imposes a $2,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. A c) The new equilibrium price is $ 14.000 and quantity is 100 thousand. million. d) The total revenue received by the government will be $ e) Assume, instead, that the government imposes an import quota of 100,000 cars. The new equilibrium price is $ quantity is thousand. f) Does the government now receive any revenue? (Click to select) and

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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