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The increase in prices resulting from the levy of import duty usually reduces the consumption capacity of the
people.
- True
- False
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- Country C imports 80,000 metric tons of steel from Country U and produces domestically80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linearschedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and theprice elasticity of domestic demand to be -0.25 in the current market equilibrium. Country Cimposes an import duty of $150 per metric ton that caused the world price to fall by 10%. What are the terms of trade of the Country C steel market after the tariff was imposed? Explain the welfare effects of both countrieswhat bring about an increase in the number of a new product in the Nigeria marketThe annual demand for imported oranges is given by the following equation:QD = 600,000 − 30,000Pwhere P is the price per kilogram and QD is quantity of kilograms demanded per year.The supply of imported oranges is given by the equation:QS = 20,000P Calculate the following: i. the excess burden of the tax
- The supply of Pespi is given by the following equation: Q p S = −24 + 6Pp + Pc + 2Pw where Q p S is the quantity of Pespi supplied, in millions of litres, Pp is the price of Pespi per litre, Pc is the price of Coek per litre; and Pw is the price of the water used to make the products per litre. (c) What will happen to the supply of Pespi if the price of Coek increases to $6 per litre? Graph the new inverse supply carefully and indicate the new choke price. (d) Suppose instead that the price of Coek remains $4, but the price of water decreases to $1. What will happen to the supply of Pespi as a result?Discuss if it more useful for governments to have knowledge of the price elasticity of demand or the income elasticity of demand for certain products.The domestic supply and demand curves for hula beans are as follows: P = 50 + Q (supply) and P = 200 – Q (demand) where P is the price in cents per pound and Q is the quantity in millions of pounds. Ireland is a small producer in this market where the current price is 60 cents per pound. The Irish Government is considering a tariff of 40 cents per pound. The quantity of hula beans imported into Ireland after the tariff is A. 100B. 50C. 130D. 90
- If the US government reduces the tariff on imported coffee will this affect the supply or the demand for coffeeConsider a city with the following characteristics: Price elasticity of city's output (export good) is -3.0. il. The elasticity of labor supply with respect to environmental quality is 0.10. i. Ifoutput changes by x% labor demand changes by x. Suppose that the city adopts a new environmental policy that increases the city's environmental quality by 10% and increases the price of the city's export good by 2%. a. By what percentage will the demand for labor change (shift)? b. By what percentage will the supply for labor change (shift)? c Under what conditions (what values of the relevant elasticities) will the equilibrium number of workers increase? Illustrate your answer with a graph.The following graph shows intra-industry trade in the United States for two types of yogurts: Yoplait (a famous French brand) and Dannon (a famoud American brand): -1 13 12 11 10 A 9 8G 7 2 Price 1. 0 0 2 US Market for Yoplait (Y) Supply of Yoplait 5 6 7 Loss of LQM. Gain of LQM. Loss of KLMR. Demand for Yoplait Gain of KLMR. Yoplak 9 10 11 12 13 14 12 Price 11 10 A US Market for Dannon (D) 2 3 4 5 7 Supply of Dannon Refer to the above graph. At the price of $6 for D, intra-industry trade leads to which of the following for the United States: 8 Demand for Dannon Dannon 9 10 11 12 13
- Make a supply and demand diagram where the drop of a price of a replacement negative growth in the number of merchants for scooters are Key components.In the world market, a pair of shoes from China is sold for $40 and that from Mexico is $50. U.S. made shoes are $70 a pair. Initially U.S. does not belong to any free trade agreement and imposes an ad valorem tariff of 30%. Later, the U.S. joins a free trade agreement with Mexico and remove all trade barriers including tariffs. The import demand function for the U.S. is Q = 280 – 4P. (Hint: Draw the import demand curve of the world market as shown in the examples on the textbook and lecture slides.) 13. How much will the U.S. government tariff revenue change (as a result of this free trade agreement? а. Increase by $144 O b. Decrease by $720 C. Decrease by $800 O d. Decrease by $864The demand for gasoline is P= 4 – 0.002Q and the supply is P= 0.4 + 0.004Q, where Pis in dollars and Qis in gallons. Instructions: Round your answer to the nearest penny (2 decimal places). If a tax of $0.8/gallon is placed on petrol, what is the incidence of the tax? Tax incidence to the consumer: $ Tax incidence to the supplier: $ Instructions: Round your answers to the nearest whole number. What is the lost consumer surplus? $1 What is the lost producer surplus? 24
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