The graph to the right shows the supply and demand for imported textiles in the United States. Currently, the price per yard of textiles is $4.50, and the quantity imported is 4,500 yards. Suppose that the U.S. government imposes a quota on imported textiles and restricts the quantity imported to 3,000 yards. 1.) Using the line drawing tool, show the change in the supply curve. Label the curve 'S quota! 2.) Using the point drawing tool, identify the new equilibrium price and quantity. Label it 'E₂'. Carefully follow the instructions above, and only draw the required objects. As a result of the quota, the price of imported textiles to $ per yard. 10- 94 9⁰0 8- N 7-4 Price per Yard ($) ↑ to MA 14.5 3- 2- 14 0+ D 1 2 3 4 6 7 8 9 10 Quantity of Textiles Imported (thousands of yards) (0,0) 0 S 1.5

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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The graph to the right shows the supply and demand for
imported textiles in the United States. Currently, the price
per yard of textiles is $4.50, and the quantity imported is
4,500 yards.
Suppose that the U.S. government imposes a quota on
imported textiles and restricts the quantity imported to 3,000
yards.
1.) Using the line drawing tool, show the change in the
supply curve. Label the curve 'S
Squota-
2.) Using the point drawing tool, identify the new
equilibrium price and quantity. Label it 'E₁'.
Carefully follow the instructions above, and only draw
the required objects.
As a result of the quota, the price of imported textiles
to $ per yard.
Price per Yard ($)
10
9-
8-
7-
co
V
3-
2-
1-
4.5
to
D
4.5
1 2 3
5 6 7 8 9 10
Quantity of Textiles Imported (thousands of yards)
(0,0)
0
S
4
Transcribed Image Text:The graph to the right shows the supply and demand for imported textiles in the United States. Currently, the price per yard of textiles is $4.50, and the quantity imported is 4,500 yards. Suppose that the U.S. government imposes a quota on imported textiles and restricts the quantity imported to 3,000 yards. 1.) Using the line drawing tool, show the change in the supply curve. Label the curve 'S Squota- 2.) Using the point drawing tool, identify the new equilibrium price and quantity. Label it 'E₁'. Carefully follow the instructions above, and only draw the required objects. As a result of the quota, the price of imported textiles to $ per yard. Price per Yard ($) 10 9- 8- 7- co V 3- 2- 1- 4.5 to D 4.5 1 2 3 5 6 7 8 9 10 Quantity of Textiles Imported (thousands of yards) (0,0) 0 S 4
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