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 tarief) 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 50 70 50 30 50 70 90 110 130 150 178 190 a) The present equilibrium price is $ 16000 and quantity is 110 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. c) The new equilibrium price is $ 18000 and quantity is d) The total revenue received by the government will be $ thousand. 90 thousand. 40 million.

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 tarief) 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 50 70 50 30 50 70 90 110 130 150 178 190 a) The present equilibrium price is $ 16000 and quantity is 110 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. c) The new equilibrium price is $ 18000 and quantity is d) The total revenue received by the government will be $ thousand. 90 thousand. 40 million.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Answer the c and d options

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
30
50
70
90
110
130
150
178
190
a) The present equilibrium price is $ 16000
and quantity is 110
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.
c) The new equilibrium price is $ 18000 and quantity is
d) The total revenue received by the government will be $
90
thousand.
thousand.
40 million.

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