ECNS 202 PRINTOUT
8th Edition
ISBN: 9781337096584
Author: Mankiw
Publisher: CENGAGE L
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Question
Chapter 7.2, Problem 2QQ
To determine
The supply curve for turkey and the producer surplus .
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The graph shows the car market in Mexico when Mexico places no restriction on the quantity of cars imported. The world price of a car is $10,000.
Suppose the government of Mexico introduces an import quota on imported cars of 4 million a year.
Draw a line that shows the effect of the import quota on supply. Label it S +
quota.
Label it.
Draw a point to show the quantity of cars bought in Mexico and the price paid.
When the government of Mexico introduces an import quota of 4 million cars, Mexico imports
nothing
million cars and produces
nothing
million cars.
Draw the supply and demand graph in equilibrium for a single market. Identify the equilibrium price and quantity. Make sure to label the axis as well as the curves.
Draw a supply and demand curve for oil. The government says we can no longer import oil from overseas, what happens to the supply or demand of oil? Why?
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