The graph above is the United States supply and demand schedules for Digital Cameras trading in an open market. In the United States, there is a "one worker to one camera" ratio. If the US produces one additional camera, then it employs one additional worker." The Questions (Please answer all components of the question. Economics argues that tariffs have a negative impact on trade. Using the prices and quantities on the graph above discuss the impact of 1. Define the World Price as well as the Tariff Value (per unit) and gross revenue for the country collected from the tariff. (all items, whole number, no decimals or $ signs. price supply domestic price $35 import price + tarif $20 demand 100 300 500 650 850 quantity World Price: Tariff Value (per unit) : Gross revenue for the country collected from the tariff. (all items, whole number, no decimals or $ signs.) 2. Examine the Country's Gains and Losses from operating at the World Price. Gains # of cameras. Loses # of workers 3. Examine the Country's Gains and Losses from operating at the Tariff Price. (Measure from closed economy) Gains # of cameras. Loses # of workers

The graph above is the United States supply and demand schedules for Digital Cameras trading in an open market. In the United States, there is a "one worker to one camera" ratio. If the US produces one additional camera, then it employs one additional worker." The Questions (Please answer all components of the question. Economics argues that tariffs have a negative impact on trade. Using the prices and quantities on the graph above discuss the impact of 1. Define the World Price as well as the Tariff Value (per unit) and gross revenue for the country collected from the tariff. (all items, whole number, no decimals or $ signs. price supply domestic price $35 import price + tarif $20 demand 100 300 500 650 850 quantity World Price: Tariff Value (per unit) : Gross revenue for the country collected from the tariff. (all items, whole number, no decimals or $ signs.) 2. Examine the Country's Gains and Losses from operating at the World Price. Gains # of cameras. Loses # of workers 3. Examine the Country's Gains and Losses from operating at the Tariff Price. (Measure from closed economy) Gains # of cameras. Loses # of workers

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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