Homework Answers
4.
Correct Answer:
B
Working note:
Elasticity of demand = ((180-120)/(180+120)/2)/((240-800)/(240+800)/2)
Elasticity of demand = -.37
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Question 4 1 points Save Answe Suppose a hurricane decreased the supply of oranges so that...
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The following graph shows the domestic supply of and demand for
oranges in Jordan. The world price (PW) of
oranges is $760 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...
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5. Effects of a tariff on international
trade
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any one country does not affect the world price of oranges and that
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A linear downward-sloping demand curve has price elasticities (in absolute values) that increase as price decreases. remain constant along the demand curve. decrease as price decreases. are greater than or equal to 1. Suppose a hurricane decreased the supply of oranges so that the price of oranges rose from $120 a ton to $180 a ton and quantity sold decreased from 800 tons to 240 tons. What is the absolute value of the price elasticity of demand? 0,11 0.37 9.33...
The following graph shows the domestic supply of and demand for
oranges in Jordan. The world price (PW) of
oranges is $760 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...
The follawing graph shows the domestic supply of and demand for oranges in Bangladesh. The world price (Pw) of oranges is $760 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 ocin costs ssociated with international trade in oranges. Also, assume that domestic 1165 Domesic Demand 1120 1075 1030 Domestic Supply + 985...
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...
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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...
Consider the Guatemalan market for tangerines. The following graph shows the domestic demand and domestic supply curves for tangerines in Guatemala. Suppose Guatemala's government currently does not allow international trade in tangerines Use the black point (plus symbol) to indicate the equilibrium price of a ton of tangerines and the equilibrium quantity of tangerines in Guatemala in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use...
Options for question 1 are fewer/more
The graph shows Spain's demand for oranges and the supply of oranges by growers in Spain The world price of oranges is 1.00 a pound. Draw and label the world price line. Suppose there is free international trade Draw a point to show the quantity of oranges bought by Spanish consumers and the price they pay. Label 1 Draw a point to show the quantity of oranges supplied by Spanish producers and Price (euros...
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