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The graph on the right represents the domestic supply and demand for coal a number of years ago. $4.00- In the absence of trade, the equilibrium price is $ responses to two decimal places.) per ton and the equilibrium quantity is million tons. (Round your Q Q $3.50- S $3.00- The government opens the market to free trade, and Indonesia enters the market, pricing coal at $1 per ton. The domestic price of coal will now be $ The new domestic quantity supplied will be tons. (Enter your responses as integers.) per ton. (Round your response to two decimal places.) million tons and the new domestic quantity demanded will be million Price per ton $2.50- $2.00- $1.50- The amount of coal imported from Indonesia will be million tons. (Enter your response as an integer.) $1.00- After numerous complaints from domestic coal producers, the government imposes an import quota of 50 million tons on Indonesian coal. The domestic price of coal is now $ $0.50- D per ton. (Round your response to two decimal places.) $0.00+ 0 50 100 150 200 250 300 350 400 Millions of tons The new domestic quantity supplied is your responses as integers.) million tons and the new domestic quantity demanded is million tons. (Enter The amount of coal imported from Indonesia will now be The government will receive $ million tons. (Enter your response as an integer.) million in revenue from the import quota. (Enter your response as an integer.) Indonesian producers will receive $ million in revenue with the import quota. (Enter your response as an integer.)

The graph on the right represents the domestic supply and demand for coal a number of years ago. $4.00- In the absence of trade, the equilibrium price is $ responses to two decimal places.) per ton and the equilibrium quantity is million tons. (Round your Q Q $3.50- S $3.00- The government opens the market to free trade, and Indonesia enters the market, pricing coal at $1 per ton. The domestic price of coal will now be $ The new domestic quantity supplied will be tons. (Enter your responses as integers.) per ton. (Round your response to two decimal places.) million tons and the new domestic quantity demanded will be million Price per ton $2.50- $2.00- $1.50- The amount of coal imported from Indonesia will be million tons. (Enter your response as an integer.) $1.00- After numerous complaints from domestic coal producers, the government imposes an import quota of 50 million tons on Indonesian coal. The domestic price of coal is now $ $0.50- D per ton. (Round your response to two decimal places.) $0.00+ 0 50 100 150 200 250 300 350 400 Millions of tons The new domestic quantity supplied is your responses as integers.) million tons and the new domestic quantity demanded is million tons. (Enter The amount of coal imported from Indonesia will now be The government will receive $ million tons. (Enter your response as an integer.) million in revenue from the import quota. (Enter your response as an integer.) Indonesian producers will receive $ million in revenue with the import quota. (Enter your response as an integer.)

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter16: Gaining From International Trade
Section: Chapter Questions
Problem 16CQ
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The graph on the right represents the domestic supply and demand for coal a number of years ago. $4.00- In the absence of trade, the equilibrium price is $ responses to two decimal places.) per ton and the equilibrium quantity is million tons. (Round your Q Q $3.50- S $3.00- The government opens the market to free trade, and Indonesia enters the market, pricing coal at $1 per ton. The domestic price of coal will now be $ The new domestic quantity supplied will be tons. (Enter your responses as integers.) per ton. (Round your response to two decimal places.) million tons and the new domestic quantity demanded will be million Price per ton $2.50- $2.00- $1.50- The amount of coal imported from Indonesia will be million tons. (Enter your response as an integer.) $1.00- After numerous complaints from domestic coal producers, the government imposes an import quota of 50 million tons on Indonesian coal. The domestic price of coal is now $ $0.50- D per ton. (Round your response to two decimal places.) $0.00+ 0 50 100 150 200 250 300 350 400 Millions of tons The new domestic quantity supplied is your responses as integers.) million tons and the new domestic quantity demanded is million tons. (Enter The amount of coal imported from Indonesia will now be The government will receive $ million tons. (Enter your response as an integer.) million in revenue from the import quota. (Enter your response as an integer.) Indonesian producers will receive $ million in revenue with the import quota. (Enter your response as an integer.)
Transcribed Image Text:The graph on the right represents the domestic supply and demand for coal a number of years ago. $4.00- In the absence of trade, the equilibrium price is $ responses to two decimal places.) per ton and the equilibrium quantity is million tons. (Round your Q Q $3.50- S $3.00- The government opens the market to free trade, and Indonesia enters the market, pricing coal at $1 per ton. The domestic price of coal will now be $ The new domestic quantity supplied will be tons. (Enter your responses as integers.) per ton. (Round your response to two decimal places.) million tons and the new domestic quantity demanded will be million Price per ton $2.50- $2.00- $1.50- The amount of coal imported from Indonesia will be million tons. (Enter your response as an integer.) $1.00- After numerous complaints from domestic coal producers, the government imposes an import quota of 50 million tons on Indonesian coal. The domestic price of coal is now $ $0.50- D per ton. (Round your response to two decimal places.) $0.00+ 0 50 100 150 200 250 300 350 400 Millions of tons The new domestic quantity supplied is your responses as integers.) million tons and the new domestic quantity demanded is million tons. (Enter The amount of coal imported from Indonesia will now be The government will receive $ million tons. (Enter your response as an integer.) million in revenue from the import quota. (Enter your response as an integer.) Indonesian producers will receive $ million in revenue with the import quota. (Enter your response as an integer.)
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