The graph on the right represents the domestic supply and demand for coal a number of years ago. In the absence of trade, the equilibrium price is $ ☐ per ton and the equilibrium quantity is responses to two decimal places.) $4.00 million tons. (Round your The government opens the market to free trade, and Indonesia enters the market, pricing coal at $1 per ton. per ton. (Round your response to two decimal places.) The domestic price of coal will now be $ The new domestic quantity supplied will be tons. (Enter your responses as integers.) million tons and the new domestic quantity demanded will be million The amount of coal imported from Indonesia will be million tons. (Enter your response as an integer.) After numerous complaints from domestic coal producers, the government imposes a $0.50 per ton tariff on all imported coal. The domestic price of coal will now be $ per ton. (Round your response to two decimal places.) The new domestic quantity supplied will be tons. (Enter your responses as integers.) million tons and the new domestic quantity demanded will be million The amount of coal imported from Indonesia will now be million tons. (Enter your response as an integer.) Price per ton $3.50 S $3.00 $2.50 $2.00 $1.50- $1.00- $0.50- $0.00+ 0 50 100 D 150 200 250 300 350 400 Millions of tons The government will receive $ million in revenue from the $0.50 per ton tariff. (Enter your response as an integer.) The $0.50 tariff is ultimately paid by A. consumers of coal since the price rises by an amount equal to the tariff. B. consumers of all products since overall prices will rise as a result of the tariff. C. all producers since they are the ones who make the payments to the government. OD. domestic producers since they will sell fewer tons of coal. ♫
The graph on the right represents the domestic supply and demand for coal a number of years ago. In the absence of trade, the equilibrium price is $ ☐ per ton and the equilibrium quantity is responses to two decimal places.) $4.00 million tons. (Round your The government opens the market to free trade, and Indonesia enters the market, pricing coal at $1 per ton. per ton. (Round your response to two decimal places.) The domestic price of coal will now be $ The new domestic quantity supplied will be tons. (Enter your responses as integers.) million tons and the new domestic quantity demanded will be million The amount of coal imported from Indonesia will be million tons. (Enter your response as an integer.) After numerous complaints from domestic coal producers, the government imposes a $0.50 per ton tariff on all imported coal. The domestic price of coal will now be $ per ton. (Round your response to two decimal places.) The new domestic quantity supplied will be tons. (Enter your responses as integers.) million tons and the new domestic quantity demanded will be million The amount of coal imported from Indonesia will now be million tons. (Enter your response as an integer.) Price per ton $3.50 S $3.00 $2.50 $2.00 $1.50- $1.00- $0.50- $0.00+ 0 50 100 D 150 200 250 300 350 400 Millions of tons The government will receive $ million in revenue from the $0.50 per ton tariff. (Enter your response as an integer.) The $0.50 tariff is ultimately paid by A. consumers of coal since the price rises by an amount equal to the tariff. B. consumers of all products since overall prices will rise as a result of the tariff. C. all producers since they are the ones who make the payments to the government. OD. domestic producers since they will sell fewer tons of coal. ♫
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter34: Globalization And Protectionism
Section: Chapter Questions
Problem 39CTQ: From the Work It Out Effects of Trade Barriers, you can see that a tariff raises the price of...
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everything is in the image.
Transcribed Image Text:The graph on the right represents the domestic supply and demand for coal a number of years ago.
In the absence of trade, the equilibrium price is $ ☐ per ton and the equilibrium quantity is
responses to two decimal places.)
$4.00
million tons. (Round your
The government opens the market to free trade, and Indonesia enters the market, pricing coal at $1 per ton.
per ton. (Round your response to two decimal places.)
The domestic price of coal will now be $
The new domestic quantity supplied will be
tons. (Enter your responses as integers.)
million tons and the new domestic quantity demanded will be million
The amount of coal imported from Indonesia will be million tons. (Enter your response as an integer.)
After numerous complaints from domestic coal producers, the government imposes a $0.50 per ton tariff on all imported
coal.
The domestic price of coal will now be $
per ton. (Round your response to two decimal places.)
The new domestic quantity supplied will be
tons. (Enter your responses as integers.)
million tons and the new domestic quantity demanded will be
million
The amount of coal imported from Indonesia will now be
million tons. (Enter your response as an integer.)
Price per ton
$3.50
S
$3.00
$2.50
$2.00
$1.50-
$1.00-
$0.50-
$0.00+
0
50
100
D
150 200 250 300 350 400
Millions of tons
The government will receive $ million in revenue from the $0.50 per ton tariff. (Enter your response as an integer.)
The $0.50 tariff is ultimately paid by
A. consumers of coal since the price rises by an amount equal to the tariff.
B. consumers of all products since overall prices will rise as a result of the tariff.
C. all producers since they are the ones who make the payments to the government.
OD. domestic producers since they will sell fewer tons of coal.
♫
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