If the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $8.00 per unit?PriceperBarrelQuantity of BarrelsSupplied(Millions)Quantity of BarrelsDemanded(Millions)$401481216202428Using the table above, after the imposition of the $8.00 per-unit tax, the new quantity supplied isnumber.)246810121312111098million barrels and the new quantity demanded is million barrels. (Enter your responses as a whole

A country imports the difference between quantity demanded and quantity supplied at the world price…

the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $8.00 per unit? Quantity of Barrels Supplied (Millions) Quantity of Barrels Demanded (Millions) 14 13 12 Price per Barrel $4 8 12 16 20 24 28 0 2 4 6 8 10 12 11 10 9 8 Using the table above, after the imposition of the $8.00 per-unit tax, the new quantity supplied is million barrels and the new quantity demanded is Qumber.) million barrels. (Enter your responses as a whole

the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $8.00 per unit? Quantity of Barrels Supplied (Millions) Quantity of Barrels Demanded (Millions) 14 13 12 Price per Barrel $4 8 12 16 20 24 28 0 2 4 6 8 10 12 11 10 9 8 Using the table above, after the imposition of the $8.00 per-unit tax, the new quantity supplied is million barrels and the new quantity demanded is Qumber.) million barrels. (Enter your responses as a whole

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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33. a) At $800 price, how many units of good X will the domestic consumers purchase from *domestic suppliers*? ___________ units. b) At $800 price, how many units of good X will have to be imported from abroad? _________ units. c) At $800 price what is government's tax revenue from tariff on good X imported? $________________. d) With no tariff, how many units of good X can domestic suppliers supply? ___________ units e) With no tariff, how many units of good X will the domestic consumers demand?_______________ units.
1. What do the welfare effects of an import quota differ from those of import tariff?
Price of Wagons gain by $240 lose by $240 gain by $120 lose by $75 $18.5 8 5 1 0 40 70 90 Domestic Supply World Price Domestic Demand Quantity of Wagons Refer to the figure above. If this country allows free trade in wagons, how much will consumers gain or lose?
Why did the U.S. government in 1982 provide import quotas as an aid to domestic sugar producers?
00 7 F. PRICE (Dollars per ton) 4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for soybeans in Honduras. The world price (Pw) of soybeans is $530 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of soybeans and that there are no transportation or transaction costs associated with international trade in soybeans. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. 2. Domestic Demand Domestic Supply 770 740 710 680 650 620 06 P, 530 MacBook Pro Search or type URL 4. 51 9.
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Economics Question
Price P1 D 01 Quantity The graph above shows domestic supply and demand with trade in a SMALL country. With trade, this country can purchase at the world price, Pw. Suppose that this country imposes a $5 per unit tariff on this good. Which of the following is true? O There will not be deadweight losses due to this tariff, since it is a small country. The domestic price will rise by $5. O Consumers will be better off. Producers will not increase domestic production.
If the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $4.00 per unit? 1.) Using the line drawing tool, help determine the quantity of U.S. crude oil imports after the $4.00 per-unit tax by drawing a horizontal line at the price paid by U.S. consumers. Label this line + Tax'. 2.) Using the point drawing tool, determine quantity demanded at the price paid by U.S. consumers after the imposition of the import tax. Label this line 'Pop'. 3.) Using the point drawing tool, determine quantity supplied at the price paid by U.S. consumers after the imposition of the import tax. Label this line "Pas". Carefully follow the instructions above and only draw the required objects. The amount of imports after the $4.00 per-unit tax is million barrels per day. Before the tax, domestic producers supplied 0 barrels of crude oil. They now supply million barrels Price per barrel…
China placed tariffs on the importation of US soybeans. Assume that the domestic market for soybeans in China is described by the following equations: Demand: P = 11.5 – Q Supply: P = 5.5 + Q Price is in 10 Yuan (¥) per bushel of soybeans and the units for Quantity are 100 million bushels per year. This is to make graphing simpler. This does NOT mean that the price is 10 and quantity is 100. Rather it means that if the price was 40¥ and the quantity was 7,500,000,000 bushels, this would plot as 4 and 7.5 respectively. The world price for soybeans is ¥65/bushel (this would graph as a horizontal line at 6.5). Graph the soybean market in China showing equilibrium both with no barriers to trade and with a ¥15/bushel tariff. Be sure to fully and clearly label the graph including: Domestic Demand curve (D), Domestic Supply curve (S), the World Price (WP), and the Price with tariffs (PT), along with the quantities imported both with and without the tariff. Based on your graph, what…
Predict what happen to the international price and quantity traded of the manufactured good in Figure 1.4 with an improvement in technology in the domestic market.
The following graph shows the domestic supply of and demand for maize in Burundi. The world price (Pw) of maize is $270 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. 450 Domestic Demand Domestic Supply 430 410 390 370 350 330 310 290 P 270 250 40 80 120 180 200 240 280 320 360 400 QUANTITY (Tons of maize) If Burundi is open to international trade in maize without any restrictions, it will import tons of maize. Suppose the Burundian government wants to reduce imports to exactly 160 tons of maize to help domestic producers. A tariff of per ton will achieve this. A tariff set at this level would raise $ in revenue for the…