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- Refer to the information in the followina table and answer questions 15 to 18. Quantity demanded domestically 15000 Price Quantity supplied domestically $ 20 20000 17500 20000 22500 25000 17 14 11 8 17500 15000 12500 10000 15 If the market were closed to the international trade, the revenue earned by the domestic producers will be:... 16 If the market was open to international trade and the world price was $11, total revenue of the international trade will be:...... 17 Assume world price $14 includes a tariff of $3 per product. Net revenue of the foreign suppliers after tariff will be:.. 18 At the world price $11 which includes tariff of $3 per product, quota of 10000 imported items will enable the government to get $30000 as tariff revenue if tariff duty is abolished. Do you agree? Why?3 1190 Domestic Demand E 1140 1090 PRICE (Dollars per ton) 1040 990 940 890 840 790 740 690 0 10 20 + I 1 1 R 30 40 50 60 70 QUANTITY (Tons of limes) A tariff set at this level would raise $ F If Zambia is open to international trade in limes without any restrictions, it will import % Domestic Supply 5 T Suppose the Zambian government wants to reduce imports to exactly 40 tons of limes to help domestic producers. A tariff of achieve this. G 1 I 6 P. 80 90 100 W Y in revenue for the Zambian government. H & 7 ? U 8 00 J tons of limes. Grade It Now 9 K O per ton will Save & Continue Continue without eaving O PQuantity Supplied Domentically Jerice Domestically Quantity Demanded 1,400 $10 2,200 1,600 9. 2,000 1,800 1,800 2,000 7. 1,600 2,200 6. 1,400 2,400 1,200 Refer to the accompanying table for a certain product's market in Econland, the world price of the product were $6 and a tariff of $t per unit were applied to imports of the product, then the tariff would generate government revenues of Mutple Choice $400 S1200 S600 S000
- Price of Baskets $14 10 7 1 0 $210 $245 $420 40 $455 70 105 Domestic Supply Refer to Figure 9-1. Without trade, what would consumer surplus be? World Price Domestic Demand Quantity of Baskets27. Suppose IP is the international trade price and this country's government imposes a $3 tariff on imports of this good, what will be the loss to consumers? 28. Suppose IP is the international trade price and this country's government imposes a $3 tariff on imports of this good, what will be the net loss to this econom? 29. Suppose IP is the international trade price and this country's government imposes a $3 tariff on imports of this good, how much revenue will the government collect? 30. Suppose IP is the international trade price and this country's government imposes a 6 unit quota on imports of this good, what will be the net loss to this econom?10 6 8 00 7 6 51 4 3 2 1 Price ($) (30,3) (46.4) (72,4) P W (84,3) 0+ 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95100 Quantity, Basketballs The figure displays supply and demand for basketballs in the United States. The U.S. is considered 'small in international' trade with respect to basketballs and the world price of basketballs is Pw = $3. If the U.S. imposes a tariff of $1, how much tariff revenue does the government collect? To review this concept, see the section Analysis of Import Tariffs. O $104 $26 O $78 O $40
- Use the graph below the answer questions 38 - 43: PRICE (Dollars per ton) 460 Domestic Demand Domestic Supply 430 400 370- 340 310 280 250 220 190 Pw 160 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of tons of wheat) 38. Calculate consumer surplus under free trade. Answer:SB Mind Tap - Cengage Learning CENGAGE| MINDTAP omework (Ch 09) PRICE (Dollars per ton) 1100 Domestic Demand 1000 900 800 700 600 500 400 300 200+ 100 0 15 30 F2 45 60 75 QUANTITY (Tons of lemons) Domestic Supply 90 105 120 135 150 80 F3 Q F4 Based on the information from the previous graph, absent international trade total surplus is $ ng.cengage.com 0 Halal The following graph shows the same domestic supply and demand curves for lemons in Jordan. Now, suppose that the Jordanian government changes its stance on international trade, deciding to allow free trade in lemons. The horizontal black line (Pw) represents the world price of lemons at $700 per ton. Assume that Jordan's entry into the world market for lemons has no effect on the world price and there are no transportation or transaction costs associated with international trade in lemons. Also assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. F5 +…Ii, GRAPH O SETTINGS Supply Price of Computers ($) Somest Demand Tariff Amount 1,000 Nw Dom Eglum CALCULATIONS 800 World Price Domestic Quantity Supplied 110 Imports Domestic Quantity Demanded 190 Level of Imports 80 190 Tarf Amount $0 110 Quantity of Computers Taniff Revenue $0
- PRICE (Dollars per ton) 1280 Domestic Demand 1220 1160 - 1100 1040 - 980 920 860 800 740 680 0 25 50 Domestic Supply P. W + + 75 100 125 150 175 200 225 250 QUANTITY (Tons of maize) 人。 CS Use the following graph to show the effects of the $120 tariff. ☆ PS Because Jordan participates in international trade in the market for maize, it will import Now suppose the Jordanian government decides to impose a tariff of $120 on each imported ton of maize. Under the tarif consumers pay for a ton of maize becomes $ and Jordan will import tons of maize. tons of maize. Use the black line (plus symbol) to indicate the world price plus the tariff. Then, use the green points (triangle symbols) to with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the oran MacBook ProFinland imports shoes into its country; they are a price taker in this market. Suppose the world price of shoes is $40. If Finland imposes a $10 tariff on shoes, what would be the domestic price of shoes and what will happen to the quantity bought? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. The quantity bought will increase and the price will be $30. a The quantity bought will fall and the price will be $30. The quantity bought will fall and the price will be $50. The quantity bought will increase and the price will be $50.Price (dollars per battery) 20 18 16 14 12 10 8 0 A Sus World price + tariff World price Dus 100 300 500 700 900 1,100 1,300 Quantity (thousands of batteries) The above figure shows the U.S. market for replacement cell phone batteries. Suppose the U.S. government imposes the tariff illustrated in the figure. The tariff is equal to and the price U.S. consumers pay compared to the price paid when there was free trade.
