Need help with everything please. ( and check answer twice ) Suppose Zambia is open to free trade in the world market for soybeans. Since Zambia is small relative to the international market, the demand forand supply of soybeans in Zambia have no impact on the world price. The following graph shows the domestic market for soybeans in Zambia. Theworld price of a ton of soybeans is Pw = $250.On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at thefree-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS).PRICE (Dollars per ton)490Domestic DemandDomestic Supply460430400370340310280250220P1900 20406080 100 120 140 160 180200QUANTITY (Tons of soybeans)CSPSBecause Zambia participates in international trade in the market for soybeans, it will importtons of soybeans.Now suppose the Zambian government decides to impose a tariff of $60 on each imported ton of soybeans. Under the tariff, the price Zambianconsumers pay for a ton of soybeans becomes $tons of soybeans.and Zambia will importUse the following graph to show the effects of the $60 tariff.

With free trade, the world price is $250. At this price level, quantity demanded is 100 tons of…

Answered: Suppose Zambia is open to free trade in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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