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 ($)13,00014,00015,00016,00017,00018,00019,00020,000Quantity Demanded17015013011090705030507090110130150170190a) The present equilibrium price is $and quantity isb) Suppose that the Canadian government imposes a $2,000 per car tariff on imported Japanese cars. Show the new supply in the lastcolumn above.thousand.thousand.c) The new equilibrium price is $and quantity isd) The total revenue received by the government will be $e) Assume, instead, that the government imposes an import quota of 90,000 cars. The new equilibrium price is $quantity isthousand.f) Does the government now receive any revenue? Nomillion.and

Equilibrium refers to a state of balance or stability in an economic system where the quantity…

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($) 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 Quantity Demanded 170 150 130 110 90 70 50 30 a) The present equilibrium price is $ b) Suppose that the Canadian government column above. c) The new equilibrium price is $ 50 70 90 110 130 150 170 190 and quantity is thousand. imposes a $2,000 per car tariff on imported Japanese cars. Show the new supply in the last and quantity is thousand.

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($) 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 Quantity Demanded 170 150 130 110 90 70 50 30 a) The present equilibrium price is $ b) Suppose that the Canadian government column above. c) The new equilibrium price is $ 50 70 90 110 130 150 170 190 and quantity is thousand. imposes a $2,000 per car tariff on imported Japanese cars. Show the new supply in the last and quantity is thousand.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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