Both questions please. Thank youHomework Answers
Answer 26 - Option D
$ 500
Surplus = (20-15) * (180-80)
= 5*100
= $ 500
27 - Option B
Consumer surplus to decrease
This is the effect of the tariff on the consumer surplus. It increases when tariff is called off. Producer surplus will not be affected. Hence option B will only be correct.
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Both questions please. Thank you
Question 26 (2 points) Price Dom reply ++ ++++++ Domestic demand...
Figure 1 Price ($I X 2 Pricewodd+tariff Price World Domes PriceWorld tariff Price World Domestic 0...
Figure 1 Price ($I X 2 Pricewodd+tariff Price World Domes PriceWorld tariff Price World Domestic 0 20 40 60 80 100 120 340 160 180 200 220 240 260 Quantity Figure 1 depicts the demand and supply curves of t-shirts in a hypothetical small country (Northland). Consider Figure 1. W free trade. Northlands producer Surplus and consumer surplus respectively equal 520.54400 55.5240 55. 5220 $20 52420 550054500
Consider the Colombian market for soybeans. The following graph shows the domestic demand and domestic supply...
Consider the Colombian market for soybeans. The following graph shows the domestic demand and domestic supply curves for soybeans in Colombia. Suppose Colombia's government currently does not allow international trade in soybeans. Use the black point (plus symbol) to indicate the equilibrium price of a ton of soybeans and the equilibrium quantity of soybeans in Colombia in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use...
fill in the blank 1)increase/decrease 2)increase/decrease 3)gain/loss Suppose New Zealand is open to free trade in...
fill in the blank
1)increase/decrease
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Suppose New Zealand is open to free trade in the world market for wheat. Because of New Zealand's small size, the demand for and supply of wheat in New Zealand do not affect the world price. The following graph shows the domestic wheat market in New Zealand. The world price of wheat is Pw = $250 per ton. On the following graph, use the green triangle (triangle symbols) to shade the area representing...
Search this COU The following diagram shows the domestic demand and domestic supply in a market....
Search this COU The following diagram shows the domestic demand and domestic supply in a market. In addition, assume that the world price in this market is $40 per unit. Price 190 O 180 170 Domestic Supply 160 150 140 130 120 110 100 90 80 70 60 50 o 40 30 20 Domestic Demand 10 200 400 600 800 1000 1200 1400 1600 1800 2000 2200 2400 Refer to Figure 9-22. With free trade, consumer surplus is a. $48,000...
Consider the Guatemalan market for tangerines. The following graph shows the domestic demand and domestic supply...
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...
Based on your analysis, as a result of the tariff, new Zealand's consumer surplus (increase/decrease) by...
Based on your analysis, as a result of the tariff, new Zealand's
consumer surplus (increase/decrease) by
$______________, a producer surplus
*(increase/Decrease) by
$__________, and the government collects
$____________ in revenue. Therefore, the net
welfare effect is a (gain/loss) by
$____________.
3. Welfare effects of a tariff in a small country Suppose New Zealand is open to free trade in the world market for wheat. Because of New Zealand's small size, the demand for and supply of wheat in New Zealand...
Microeconomics Questions Price of Sandalwood Domestic Supply $800 $600 Domestic Demand Q, Q, Q Quantity of Sandalw...
Microeconomics Questions
Price of Sandalwood Domestic Supply $800 $600 Domestic Demand Q, Q, Q Quantity of Sandalwood The graph above shows the domestic market for sandalwood in equilibrium at a price of $800 per kilogram in the absence of international trade. Now assume the country begins to engage in international trade, and sandalwood is selling at a price of $600 per kilogram in the world market. Which of the following would most likely result? a) The country would increase domestic...
Consider the Sudanese market for tangerines The following graph shows the domestic demand and domestic supply...
Consider the Sudanese market for tangerines The following graph shows the domestic demand and domestic supply curves for tangerines in Sudan. Suppose Sudan'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 Sudan in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use...
3. Welfare effects of a tariff in a small country Suppose Bolivia is open to free...
3. Welfare effects of a tariff in a small
country
Suppose Bolivia is open to free trade in the world market for
wheat. Because of Bolivia’s small size, the demand for and supply
of wheat in Bolivia do not affect the world price. The following
graph shows the domestic wheat market in Bolivia. The world price
of wheat is PWPW = $250 per ton.
On the following graph, use the green triangle (triangle
symbols) to shade the area representing consumer...
Suppose New Zealand is open to free trade in the world market for wheat. Because of...
Suppose New Zealand is open to free trade in the world market for wheat. Because of New Zealand's small size, the demand for apd supply of wheat in New Zealand do not affect the world price. The following graph shows the domestic wheat market in New Zealand. The world price of wheat is Rv $250 per ton. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at...
Figure 1 Price ($I X 2 Pricewodd+tariff Price World Domes PriceWorld tariff Price World Domestic 0 20 40 60 80 100 120 340 160 180 200 220 240 260 Quantity Figure 1 depicts the demand and supply curves of t-shirts in a hypothetical small country (Northland). Consider Figure 1. W free trade. Northlands producer Surplus and consumer surplus respectively equal 520.54400 55.5240 55. 5220 $20 52420 550054500
Consider the Colombian market for soybeans. The following graph shows the domestic demand and domestic supply curves for soybeans in Colombia. Suppose Colombia's government currently does not allow international trade in soybeans. Use the black point (plus symbol) to indicate the equilibrium price of a ton of soybeans and the equilibrium quantity of soybeans in Colombia in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use...
fill in the blank
1)increase/decrease
2)increase/decrease
3)gain/loss
Suppose New Zealand is open to free trade in the world market for wheat. Because of New Zealand's small size, the demand for and supply of wheat in New Zealand do not affect the world price. The following graph shows the domestic wheat market in New Zealand. The world price of wheat is Pw = $250 per ton. On the following graph, use the green triangle (triangle symbols) to shade the area representing...
Search this COU The following diagram shows the domestic demand and domestic supply in a market. In addition, assume that the world price in this market is $40 per unit. Price 190 O 180 170 Domestic Supply 160 150 140 130 120 110 100 90 80 70 60 50 o 40 30 20 Domestic Demand 10 200 400 600 800 1000 1200 1400 1600 1800 2000 2200 2400 Refer to Figure 9-22. With free trade, consumer surplus is a. $48,000...
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...
Based on your analysis, as a result of the tariff, new Zealand's
consumer surplus (increase/decrease) by
$______________, a producer surplus
*(increase/Decrease) by
$__________, and the government collects
$____________ in revenue. Therefore, the net
welfare effect is a (gain/loss) by
$____________.
3. Welfare effects of a tariff in a small country Suppose New Zealand is open to free trade in the world market for wheat. Because of New Zealand's small size, the demand for and supply of wheat in New Zealand...
Microeconomics Questions
Price of Sandalwood Domestic Supply $800 $600 Domestic Demand Q, Q, Q Quantity of Sandalwood The graph above shows the domestic market for sandalwood in equilibrium at a price of $800 per kilogram in the absence of international trade. Now assume the country begins to engage in international trade, and sandalwood is selling at a price of $600 per kilogram in the world market. Which of the following would most likely result? a) The country would increase domestic...
Consider the Sudanese market for tangerines The following graph shows the domestic demand and domestic supply curves for tangerines in Sudan. Suppose Sudan'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 Sudan in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use...
3. Welfare effects of a tariff in a small
country
Suppose Bolivia is open to free trade in the world market for
wheat. Because of Bolivia’s small size, the demand for and supply
of wheat in Bolivia do not affect the world price. The following
graph shows the domestic wheat market in Bolivia. The world price
of wheat is PWPW = $250 per ton.
On the following graph, use the green triangle (triangle
symbols) to shade the area representing consumer...
Suppose New Zealand is open to free trade in the world market for wheat. Because of New Zealand's small size, the demand for apd supply of wheat in New Zealand do not affect the world price. The following graph shows the domestic wheat market in New Zealand. The world price of wheat is Rv $250 per ton. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at...
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