21. Use the following graph to answer the next six questions: (6 points) 22,000 20,000 18,000...
21. Use the following graph to answer the next six questions: (6 points) 22,000 20,000 18,000 16,000 Domestic supply Price 14,000- of 12,000 cars 10,000 $) 8,000 6,000 4,000 2,000 World price Domestic demand 10 20 30 40 50 60 70 80 90 100 Quanitity of cars (thousands) i. What is the price of a car if this is a nontrading (closed) economy? ii. If this is a nontrading (closed) economy, how many cars (in thousands) will be bought and...
The demand and supply for automoblles In a certain country is given In the graph below. The world price of automobles is $8,000. a. Assuming that the economy Is closed, find the equilibrium price and quantity of automobles. Instructions: Indicate the equilibrium price and quantity using the tool "Equilibrium* by clicking on the appropriate Intercept on the given graph. Market for Cars Price of cars (S) 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Tools...
22.Please give clear Answer for BOTH questions Thank you I will thumbs up! Question 2. The accompanying table shows the U.S. domestic demand schedule and domestic supply schedule for oranges. Suppose that the world price of oranges is $0.30 per orange. Quantity of oranges demanded (thousands) Quantity of oranges supplied (thousands) 11 10 Price of orange $1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 Suppose that the U.S. government imposes a tariff on oranges of $0.20 per orange. How...
To answer the next question, use the following graph showing the domestic demand and supply curves for a specific standardized product in a particular nation. If the world price for this product is $0.50, this nation will experience a domestic Multiple Choice shortage of 160 units, which it will meet with 160 units of imports. shortage of 160 units, which will increase the domestic price to $1.60. surplus of 160 units, which it will export. surplus of 160 units, which...
The following graph shows the domestic supply of and demand for oranges in Jordan. The world price (Pw) of oranges is $800 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of oranges and that there are no transportation or transaction costs associated with international trade in oranges. Also, assume that domestic suppliers will satisfy domestic demand as much as possible...
9. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for maize in Panama. The world price (Pw) of maize is $270 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers...
The graph below shows a small country that produces wine, with no international trade, existing in a state of autarky. PLEASE CHECK A & B AND WRITE OUT THE ANSWERS TO C & D. I was not able to figure out answers c & d. a. What is the initial market price and quantity of wine traded in equilibrium? Pe: $40 per barrel Qe: 7 million barrels b. Now suppose this small country opens its markets to international trade. Suppose...
5. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for oranges in New Zealand. New Zealand is open to international trade of oranges without any restrictions. The world price (PWPW) of oranges is $760 per ton and is represented by the horizontal black line. Throughout this problem, assume that the amount demanded by any one country does not affect the world price of oranges and that there are no transportation or...
(6) At a world price of Pw, the quantity of exports in the graph below is given by __________. QSD − QDD QDD − QSD Pw − P* SD − DD (7) Suppose France is an open economy and cannot influence the world price. If the world price is below the domestic equilibrium price, how would an increase in domestic supply affect the price and quantity demanded? It would increase the price and the quantity demanded. It...
4. Effects of a tariff on International trade The following graph shows the domestic supply of and demand for oranges in Jordan. The world price (Pw) of oranges is 5760 per tonne and is represented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of oranges and that there are no transportation or transaction costs associated with international trade in oranges. Also, assume that domestic suppliers...