MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 9, Problem 3IP
To determine

Explain whether the trader in the model provide a different view of trade than the one that would get from a model that did not include the trader.

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(g) Explain how is the production structure (i.e. which goods are produced) affected in each country by opening up to trade. Is this consistent with the empirical evidence we observe in reality? How can this model be modified to produce a less stark result?
Explain what is Standard Trade Model.
The model (graph) below represents a small country trade of good X after the government decided to impose tariffs on import. Consider the case of trade after tariffs. Please answer the following questions: What area(s) represent the gain of surplus to producers? What area(s) represent government revenue? What area(s) represent the loss of surplus to consumers? What area(s) represent consumers surplus? What's the quantity imported? Describe the impact of a tariff on social welfare. Refer to the graph to support your answer. A Qs Qs,t QD₂t Q₂ Quantity Edit View Insert Format Tools Table Price Pw+t Pw G C
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