Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Homework (Ch 09)The following problem analyzes the Guatemalan market for pears.The graph below shows the domestic supply and demand curves for pears in Guatemala. Assume that Guatemala's government does not currentlypermit international trade in pears.Use the black point (plus symbol) to denote the equilibrium price of one ton of pears and the equilibrium quantity of pears in Guatemala withoutinternational trade. Next, use the green triangle (triangle symbol) to shade in the area that represents consumer surplus in equilibrium. Finally, usethe purple triangle (diamond symbol) to shade in the area that represents producer surplus in equilibrium.PRICE Dolars perton)300 Domestic Demand.30030033512030129020024823021 60Domestic Supply75 100 125 150QUANTITY (Tons of pears)175 200 221 200444Equilibrium without TradeConsumer SurplusProducer SurplusBased on the information from the previous graph, absent international trade total surplus isThe following graph shows the same domestic supply and demand curves for pears in Guatemala. Now, suppose that the Guatemalan governmentchanges its stance on international trade, deciding to allow free trade in pears. The horizontal black line (A) represents the world price of pears at$350 per ton. Assume that Guatemala's entry into the world market for pears has no effect on the world price and there are no transportation ortransaction costs associated with international trade in pears. Also assume that domestic suppliers will satisfy domestic demand as much as possiblebefore any exporting or importing takes place. PRICE Dolar's perton)#########300385305200245Domestic DemandDomestic SupplyPW2300 25 50 75 100 125 150 175 200 225 250QUANTITY (Tons of pears)Consumer SurplusProducer SurplusConsumer SurplusWhen Guatemala adjusts its trade policy to allow free trade of pears, the price of one ton of pears in Guatemala becomes $350. At this price,tons of pears will be demanded in Guatemala, andtons will be supplied by domestic suppliers.Therefore, Guatemala will exporttons of pears.Producer SurplusUsing the information from the previous tasks, complete the following table to analyze the welfare effect of allowing free trade.Without Free TradeWith Free Trade(Dollars)(Dollars)When Guatemala allows free trade, the country's producer surplusbybyand consumer surplusTherefore, the net effect of allowing international trade on Guatemala's total surplus is aof

This can be defined as a concept that shows the total demand for the products and the services in a…

The following problem analyzes the Guatemalan market for pears. The graph below shows the domestic supply and demand curves for pears in Guatemala. Assume that Guatemala's government does not currently permit international trade in pears. Use the black point (plus symbol) to denote the equilibrium price of one ton of pears and the equilibrium quantity of pears in Guatemala without international trade. Next, use the green triangle (triangle symbol) to shade in the area that represents consumer surplus in equilibrium. Finally, use the purple triangle (diamond symbol) to shade in the area that represents producer surplus in equilibrium.

The following problem analyzes the Guatemalan market for pears. The graph below shows the domestic supply and demand curves for pears in Guatemala. Assume that Guatemala's government does not currently permit international trade in pears. Use the black point (plus symbol) to denote the equilibrium price of one ton of pears and the equilibrium quantity of pears in Guatemala without international trade. Next, use the green triangle (triangle symbol) to shade in the area that represents consumer surplus in equilibrium. Finally, use the purple triangle (diamond symbol) to shade in the area that represents producer surplus in equilibrium.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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