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what happen imports when price level decrease? Describe in paragraph
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- A Moving to another question will save this response. Question 7 Suppose supply is given by P = 2Q and demand is given by P = 1000 – 2Q. What will happen in this economy if the world price is 400? An export of 200 units An import of 200 units An export of 100 units An import of 100 units A Moving to another question will save this response. MacBook AirFind the revised import expenditure given increased excess demand for manufactures in Figure 1.8. Suppose the international price rises to $6.25 and quantity traded rises to 300. Find the BOT using the export revenue in Figure 1.11.The table below represents the quantity of rice demanded for selected countries. Quantity of Rice Demanded (millions of metric tons) Price (U.S. dollars per metric ton) Japan Taiwan South Korea Market Total $600 13 7 8 500 14 8.5 10.5 400 15 10 13 300 16 11.5 15.5 200 17 13 18 What is the quantity of rice demanded in the market (in metric tons) if the market price is $300 per metric ton? million metric tons Round your answers to 1 decimal place.
- How do you think each of the following would affect the world price of oil -the Alaskan oil pipeline was completed -the ceiling on the price of oil was removed -oil was discovered in the north sea -sport utility vehicles and minivans became popular -the use of nuclear power declinedwhat happen imports when price level increase and decrease? ExplanationThe following table shows the export price index for New Zealand’s merchandise exports to Australia and China for 2002 and 2019. Australia China 2002 Export price index 1000 1000 2019 Export price index 1051 1412 Explain what the numbers in this table show.Provide a plausible explanation for why the price indexes for each of these two countries are different (you don’t need to prove your proposed explanation).
- Price of Calculators $27 Domestic Supply 12 7. World Price Domestic Demand Activ Go to 150 300 400 Quantity of 2.If a country removes a tariff on imported shoes, we expect the domestic price of shoes to and the number of shoes consumed in the domestic market to a. fall; fall b. fall; rise c. rise; fall d. rise: riseLGlve Ust O Hint Question 15 of 24 Check Answer The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity Cameroon quantity Nigeria quantity Nigeria quantity demanded (lb) supplied (lb) demanded (lb) supplied (Ib) 180 500 155 210 200 460 180 180 6. 250 410 200 160 5. 4 280 360 220 140 320 320 240 125 3 350 280 260 115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries? lb I quantity demanded, Cameroon: price, Cameroon: lb quantity demanded, Nigeria: price, Nigeria: %24 %24
- 21. You have the following information acc. exported goods. Please, calculate CIF price for exporter. Provide your calculation Transportation by the main transport (vessel Export Transportation customs within the country cleaning Profit on realization of a Insurance of transportation of freight Import customs consignment of export cleaning freight) goods 350 2000 20000 4000 4300 1900 Costs of production of a consignment of goods (QTY is 60) 1000 Packing, marking 200 a. 490,8 b. 562,5 c. 424,17 d. 90,8Consider the following information pertaining to a country's imports, consumption, and production of t-shirts following the removal of Multi Fiber Agreement (MFA) quotas: Under After МFA МFA World Price ($/shirt) Domestic Price (S/shirt) Domestic Consumption (millions of shirts) Domestic Production (millions of shirts) 2.00 2.00 2.50 2.00 100 125 75 50 a. Use the information in the table above to graph the effects of the quota removal on domestic consumption and production. Include a companion graph for the world market like that shown in class. b. The deadweight loss associated with the quota is: c. The quota rents that were earned under the quota are: d. The gain in consumer surplus associated with quota removal is: e. The loss in producer surplus from the removal of the quota is: f. Assuming that the foreign government assigned the quota licenses, the amount the home country gained from removal of the quota is: 4.Assume that the United States, as a steel-importing nation, is large enough so that changes in the quantity of its imports influence the world price of steel. The following table shows the U.S. supply and demand schedules for steel, along with the overall amount of steel supplied to U.S. consumers by domestic and foreign producers. Price Quantity Supplied (Dollars per ton) (Domestic) (Domestic plus Imports) Quantity Demanded 100 0 0 15 200 4 14 300 8 13 400 12 12 500 16 11 600 20 10 700 5 24 9 Using the data in the table, use the blue points (circle symbol) to plot the demand curve and use the orange points (square symbol) to plot the supply curve (domestic plus imports) on the following graph. Then use the black cross to indicate the equilibrium price and quantity. BOO -O Demand -P Supply us free trade + Equilibrium Free trade 4 Supply wond wit Equilibrium PRICE (Dollars per fon) 700 600 500 400 300 200 100+ 0 6 0 1 2 3 4 10 12 14 16 18 20 22 24 0 2 4 QUANTITY (Tons of steel) With…
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