The domestic demand and supply for sugar are, respectively, Qd = 60,000 − 400P and QSD = 20,000 + 500P. The foreign supply is QSF = 20,000 + 100P. Suppose an import quota of 13,000 is imposed in the domestic market. What will be the new market price of sugar? Multiple Choice $15 $45 $30 $20
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The domestic demand and supply for sugar are, respectively, Qd = 60,000 − 400P and QSD = 20,000 + 500P. The foreign supply is QSF = 20,000 + 100P. Suppose an import quota of 13,000 is imposed in the domestic market. What will be the new market price of sugar?
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$15
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$45
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$30
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$20
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- The domestic demand and supply for sugar are Qd = 60,000 – 400P and QSD = 20,000 + 500P. The foreign supply is QSF = 20,000 + 100P. How many units of sugar will domestic producers supply after the quota is imposed? Multiple Choice 30,000 23,000 35,000 58,000Suppose the supply of a good by domestic firms is QSD = 10 + 2P and the supply by foreign firms is QSF = 10 + P. The domestic demand for the product is given by Qd = 30 − P. 1. In the absence of a quota, what is the total supply of the good? 2. What are the equilibrium price and quantity of the good? 3. Suppose a quota of 10 units is imposed. What is the total supply of the product? 4. Determine the equilibrium price in the domestic market under the quota of 10 units.The domestic supply and demand curves for hula beans are as follows: P = 50 + Q (supply) and P = 200 – Q (demand) where P is the price in cents per pound and Q is the quantity in millions of pounds. Ireland is a small producer in this market where the current price is 60 cents per pound. The Irish Government is considering a tariff of 40 cents per pound. The quantity of hula beans imported into Ireland after the tariff is A. 100B. 50C. 130D. 90
- Much of the demand for U.S. agricultural output has come from other countries. In 1998, the total demand for wheat was Q = 3244 - 283P. Of this, total domestic demand was QD = 1700 - 107P, and domestic supply was QS =1944 + 207P. Suppose the export demand for wheat falls by 40%. a. U.S. farmers are concerned about this drop in export demand. What happens to the free-market price of wheat in the United States? Do farmers have much reason to worry? b. Now suppose the U.S. government wants to buy enough wheat to raise the price to $3.50 per bushel. With the drop in export demand, how much wheat would the government have to buy? How much would this cost the government?Recently, China placed tariffs on the importation of US soybeans. Assume that the domestic market for soybeans in China is described by the following equations: Demand: P = 11.5 – Q Supply: P = 5.5 + Q Price is in 10 Yuan (¥) per bushel of soybeans and the units for Quantity are 100 million bushels per year. This is to make graphing simpler. This does NOT mean that the price is 10 and quantity is 100. Rather it means that if the price was 40¥ and the quantity was 7,500,000,000 bushels, this would plot as 4 and 7.5 respectively. The world price for soybeans is ¥65/bushel (this would graph as 6.5). Graph the soybean market in China showing equilibrium both with no barriers to trade and with a ¥15/bushel tariff. Be sure to fully and clearly label the graph including: Domestic Demand curve (D), Domestic Supply curve (S), the World Price (WP), and the Price with tariffs (PT). Based on your graph for question 3, what amount of soybeans will China import from the US if there are no…Recently, China placed tariffs on the importation of US soybeans. Assume that the domestic market for soybeans in China is described by the following equations: Demand: P = 11.5 – Q Supply: P = 5.5 + Q Price is in 10 Yuan (¥) per bushel of soybeans and the units for Quantity are 100 million bushels per year. This is to make graphing simpler. This does NOT mean that the price is 10 and quantity is 100. Rather it means that if the price was 40¥ and the quantity was 7,500,000,000 bushels, this would plot as 4 and 7.5 respectively. The world price for soybeans is ¥65/bushel (this would graph as 6.5). Graph the soybean market in China showing equilibrium both with no barriers to trade and with a ¥15/bushel tariff. Be sure to fully and clearly label the graph including: Domestic Demand curve (D), Domestic Supply curve (S), the World Price (WP), and the Price with tariffs (PT).
- Much of the demand for U.S. agricultural output has come from other countries. In 1998, the total demand for wheat was Q = 3,244 - 283P. Of this, total domestic demand was Qn = 1700 - 107P, and domestic supply was Qs = 1,944 + 207P Suppose the export demand for wheat falls by 50 percent. U.S. farmers are concerned about this drop in export demand. What happens to the free-market price of wheat in the United States? The free-market price of wheat in the United States after the drop in export demand is $1.31. (Enter your response rounded to two decimal places.) Do famers have much reason to worry? O A. Farmers have reason to worry because the equilibrium quantity decreases from 3,492.55 million bushels to 2,215.17 million bushels. O B. Farmers have reason to worry because the market price for wheat decreases from $3.65 per bushel to $1.31 per bushel. OC. Farmers have no reason to worry because the equilibrium quantity decreases from 2,592.55 million bushels to 2,215.17 million bushels. O…Suppose the government imposes a quota on imports of foreign-made steel. Assume that the quota has an effect on the market for steal. The result will be that the domestic price of steel Answer 1 Question 8, the domestic production of steel Answer 2 Question 8, and imports of foreign-made steel Answer 3 Question 8Suppose that the market demand for 32-oz. wide mouth Nalgene bottles is Q = 50,000p^-1.076, where Q is the quantity of bottles per week and p is the price per bottle. The market supply is Q = 0.01p^7.208. What is the equilibrium price and quantity
- The domestic supply and demand curves for hula beans are as follows: P = 20 + Q (supply) and P = 250 – Q (demand) where P is the price in cents per pound and Q is the quantity in millions of pounds. Ireland is a small producer in this market where the current price is 50 cents per pound. The Irish Government is considering a tariff of 50 cents per pound. The increase in producer surplus after the tariff has been imposed is equal to A. 2750 B. 4000 C. 2500 D. 1500Country C imports 80,000 metric tons of steel from Country U and produces domestically 80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linear schedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and theprice elasticity of domestic demand to be -0.25 in the current market equilibrium. Country C imposes an import duty of $150 per metric ton that caused the world price to fall by 10%. Summarise and analyse the quantity of steel produced, consumed and imported in Country C. Analyse and discuss the welfare gain from trade in Country C. Show your answers of the steel market with a proper diagram.The domestic demand (Qpp) for wheat in the United States is estimated to be Q00 1430-55P. where the quantity of wheat is measured in millions of bushels per year. Suppose China also demands U.S. wheat (Qoc) and that its demand is given by Qọc =2100 -100P What is the total demand for U.S. wheat, assuming the only two sources of demand are domestic and Chinese? The total demand for U.S. wheat is O A. Qp 1430-55P for all P. O B. Qp =3530- 155P for P S $26 and Qp =2100-100P for P> $26. OC. Qp = 3530 - 155P for Ps $21 and Qp =2100 - 100P for P> $21. O D. Qp =3530 - 155P for Ps$21 and QD = 1430-55P for P>$21. O E. Qp = 3530 - 155P for all P.
