3/25/22, 10:55 PMAssignment Print View4.The graph below shows the market for tires in the United States, a nation that is open to internationaltrade but is assumed to be a price taker unable to affect the world price of tires.Market for Tires320Tools--280New Equilibri Qs+ quota240S+ Quota20016012080P.(280, 80)404080 120 160 200 240 280 320Quantity (millions of tires)a. Using the graph above, at the world price of $80 per tire, how many tires will the United Statesimport?million tiresNow suppose the U.S. government imposes a quota as shown in the graph above.b. Using this same graph, indicate the new market equilibrium with the quota imposed and thedomestic quantity supplied (Qs).https://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=4.&postSubmissionView=13252718327623084&wid=13252718466068729&rol...1/3Price (dollars per tire) 3/25/22, 10:55 PMAssignment Print ViewInstructions: Use the tools provided "New Equilibrium" and "Qs + quota" to indicate the new marketprice, quantity demanded, and domestic quantity supplied with this quota.c. As a consequence of this quota, how many tires will the United States import now?million tiresHow many tires will be supplied domestically?million tiresNow suppose instead that the U.S. government imposes a quota with the goal of reducing the numberof tires imported by 50% (half of the value in part a).d. Using the graph below, indicate the new supply with the quota imposed as well as the new marketequilibrium and the domestic quantity supplied (Qs) under the new quota.Instructions: First, drag the "S + Quota" line to the appropriate location. Then use the tools provided"New Equilibrium" and "Qs + quota" to indicate the new market price, quantity demanded, and domesticquantity supplied with this quota.%3DMarket for Tires320ToolsS--O280New Equilibriu Qs+ quota240200S+ Quota16012080P,404080 120 160 200 240 280 320Quantity (millions of tires)https://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=4.&postSubmissionView=13252718327623084&wid=13252718466068729&rol...2/3Price (dollars per tire)

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The graph below shows the market for tires in the United States, a nation that is open to international trade but is assumed to be a price taker unable to affect the world price of tires. Market for Tires 320 Tools 280 New Equilibri Qs+ quota 240 S+ Quota 200 160 120 80 (280, 80) 40 40 80 120 160 200 240 280 320 Quantity (millions of tires) a. Using the graph above, at the world price of $80 per tire, how many tires will the United States import? million tires Now suppose the U.S. government imposes a quota as shown in the graph above. b. Using this same graph, indicate the new market equilibrium with the quota imposed and the domestic quantity supplied (Qs). Price (dollars per tire)

The graph below shows the market for tires in the United States, a nation that is open to international trade but is assumed to be a price taker unable to affect the world price of tires. Market for Tires 320 Tools 280 New Equilibri Qs+ quota 240 S+ Quota 200 160 120 80 (280, 80) 40 40 80 120 160 200 240 280 320 Quantity (millions of tires) a. Using the graph above, at the world price of $80 per tire, how many tires will the United States import? million tires Now suppose the U.S. government imposes a quota as shown in the graph above. b. Using this same graph, indicate the new market equilibrium with the quota imposed and the domestic quantity supplied (Qs). Price (dollars per tire)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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