International Trade – End of Chapter Problem-The accompanying table provides data regarding domestic demand and domestic supply of apples in the United States.Quantity supplied domestically(millions of pounds per year)PriceQuantity demanded domestically(per apple)(millions of pounds per year)0.156,2909,7300.257,1508,8700.358,0108,0100.458,8707,1500.559,7306,290a. Based on the information provided in the table, move the points to plot the domestic demand and domestic supply curvesin the graph.Market for apples8075Consumer surplu..Domestic demar7065Producer surplu...Domestic supp.60 15106,2907,1508,0108,8709,73010,590Quantity (millions of pounds)b. Now consider what happens when the price at which apples trade in the world market is $0.10 per apple above thedomestic price. If the United States allows international trade,million pounds of apples will be produceddomestically, andmillion pounds of apples will be purchased in the United States. The United States willthereforemillion pounds of apples.c. In the graph, shade the areas representing consumer surplus and producer surplus with trade.d. As a result of trade, consumer surplusand producer surplus. Totaleconomic surplus

[a] CS = consumer surplus PS = producer surplus the red line indicates the demand graph blue line…

The accompanying table provides data regarding domestic demand and domestic supply of apples in the United States. Price Quantity supplied domestically (millions of pounds per year) Quantity demanded domestically (millions of pounds per year) (per apple) 0.15 6,290 9,730 0.25 7,150 8,870 0.35 8,010 8,010 0.45 8,870 7,150 0.55 9,730 6,290 a. Based on the information provided in the table, move the points to plot the domestic demand and domestic supply curves in the graph.

The accompanying table provides data regarding domestic demand and domestic supply of apples in the United States. Price Quantity supplied domestically (millions of pounds per year) Quantity demanded domestically (millions of pounds per year) (per apple) 0.15 6,290 9,730 0.25 7,150 8,870 0.35 8,010 8,010 0.45 8,870 7,150 0.55 9,730 6,290 a. Based on the information provided in the table, move the points to plot the domestic demand and domestic supply curves in the graph.

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

International Trade – End of Chapter Problem
-
The accompanying table provides data regarding domestic demand and domestic supply of apples in the United States.
Quantity supplied domestically
(millions of pounds per year)
Price
Quantity demanded domestically
(per apple)
(millions of pounds per year)
0.15
6,290
9,730
0.25
7,150
8,870
0.35
8,010
8,010
0.45
8,870
7,150
0.55
9,730
6,290
a. Based on the information provided in the table, move the points to plot the domestic demand and domestic supply curves
in the graph.
Market for apples
80
75
Consumer surplu..
Domestic demar
70
65
Producer surplu...
Domestic supp.
60

15
10
6,290
7,150
8,010
8,870
9,730
10,590
Quantity (millions of pounds)
b. Now consider what happens when the price at which apples trade in the world market is $0.10 per apple above the
domestic price. If the United States allows international trade,
million pounds of apples will be produced
domestically, and
million pounds of apples will be purchased in the United States. The United States will
therefore
million pounds of apples.
c. In the graph, shade the areas representing consumer surplus and producer surplus with trade.
d. As a result of trade, consumer surplus
and producer surplus
. Total
economic surplus

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