Hand written solutions are strictly prohibited with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral (squaresymbois) to shade the area representing government revenue received from the tariff and the tan points (rectangle symbols) to shade the areasrepresenting deadweight loss (DWL) caused by the tariff.Domestic DemandDomestic Supply370240X310PwPRICE Dolars per ton)430400282 2250220100160D 25 00 75 100 125 150 175 200 225 250QUANTITY (Tons of soybeans)Consumer SurplusProducer SurplusGovernment Revenue|4+4+X|4+0World Price Plus TarifPSGovernment RevenueComplete the following table to summarize your results from the previous two graphs.With Free Trade(Dollars)With a Tariff(Dollars)Based on your analysis, as a result of the tariff, Zambia's consumer surplusand the government collects SbyDWL?by S, producer surplusin revenue. Therefore, the net welfare effect is a of Suppose Zambia is open to free trade in the world market for soybeans. Since Zambia is small relative to the international market, the demand forand supply of soybeans in Zambia have no impact on the world price. The following graph shows the domestic market for soybeans in Zambia. Theworld price of a ton of soybeans is Pw - $250.On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at thefree-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS).PRICE Dolars per ton)460430400370340-310200250220100100Domestic Demand0 25Domestic Supply50 75 100 125 150 175 200 225 250QUANTITY (Tons of soybeans)CSPSBecause Zambia participates in international trade in the market for soybeans, it will importUse the following graph to show the effects of the $30 tariff.tons of soybeans.Now suppose the Zambian government decides to impose a tariff of $30 on each imported ton of soybeans. Under the tariff, the price Zambianconsumers pay for a ton of soybeans becomes, and Zambia will importtons of soybeans.Use the black line folus symbol) to indicate the world price plus the tariff. Then, use the areen points (trianale svmbols) to show the consumer surplus

Consumer surplus is the area below demand curve and above supply curve. Producer surplus is the area…

with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral (square symbols) to shade the area representing government revenue received from the tariff and the tan points (rectangle symbols) to shade the areas representing deadweight loss (DWL) caused by the tariff. PRICE olars perton) 38E%EERS 33 400 400 370 200 220 100 Domestic Demand Domestic Supply PW 0 25 50 75 100 125 160 175 200 225 250 QUANTITY (Tons of soybeans) 4|A+A+X/A World Price Plus Tar PS Government Revenue DWL ?

with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral (square symbols) to shade the area representing government revenue received from the tariff and the tan points (rectangle symbols) to shade the areas representing deadweight loss (DWL) caused by the tariff. PRICE olars perton) 38E%EERS 33 400 400 370 200 220 100 Domestic Demand Domestic Supply PW 0 25 50 75 100 125 160 175 200 225 250 QUANTITY (Tons of soybeans) 4|A+A+X/A World Price Plus Tar PS Government Revenue DWL ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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