Microeconomics
Microeconomics
11th Edition
ISBN: 9781260507041
Author: Colander, David
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 9, Problem 18QE

(a)

To determine

Explain the US control over supply in the domestic market.

(b)

To determine

Explain the way that the US uses to decrease its imports.

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The graph to the right shows the supply and demand for beef in the United States, under the assumption that the United States can import as much as it wants at the world price of beef without causing the world price of beef to increase. a. How much beef does the United States import at the world price(WP)? 500 million pounds of beef (enter a whole number). b. Now suppose that the United States imposes a tariff on beef of $0.50 a pound. How much beef is now imported? million pounds of beef (enter a whole number). Price ($ per lb.) $2.50 $2.00 700 900 11001200 Q (millions of lbs.) Sus WP + tariff WP Dus
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