Homework Answers
Ans.- (B)
Producer surplus is the area below the price and above the supply curve.
When trade is not allowed, producer surplus = C+F
When trade is allowed, producer surplus = C+F+B+D+G
So, producer surplus increases by area B+D+G when trade is allowed.
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The figure illustrates the market for coffee in Guatemala. | Price 150+ -- Domestic supply World...
The figure illustrates the market for coffee in Guatemala Price 150 140 130 120 110 100...
The figure illustrates the market for coffee in Guatemala Price 150 140 130 120 110 100 90 80 70 Domestic supply World pnce Domestic demand 50 30 20 10 2 468 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 Quanity Refer to Figure 9-1. With trade, Guatemala will export 22 units of coffee. export 10 units of coffee. import 30 units of coffee. import 12 units...
1) When trade in coffee is allowed, producer surplus in Guatemala a. increases by the area B + D. b. increasesbythearea...
1) When trade in coffee is allowed, producer surplus in
Guatemala
a. increases by the area B + D.
b. increasesbytheareaB+D+G.
c. decreases by the area C + F.
d. decreases by the area G.
2) When trade is allowed,
a. Guatemalan producers of coffee become better off and
Guatemalan consumers of coffee become worse off.
b. Guatemalan consumers of coffee become better off and
Guatemalan producers of coffee become worse off.
c. both Guatemalan producers and consumers of coffee...
Figure 13-9 The figure below depicts average total cost functions for a firm that produces automobiles....
Figure 13-9 The figure below depicts average total cost functions for a firm that produces automobiles. Average Total Cost (5) ATCD ATCA ATCE Quantity of Automobiles per day Refer to Figure 13-9. Which of the curves is most likely to characterize the short-run average total cost curve of the smallest factory? a. ATCA b.ATCB ос. Атес d. ATCD Figure 13-9 The figure below depicts average total cost functions for a firm that produces automobiles. Average 1 Total Cost (5) Quantity...
Figure 9-5 The figure illustrates the market for tricycles in a country I Price &%83&* Domestic...
Figure 9-5 The figure illustrates the market for tricycles in a country I Price &%83&* Domestic Supply B World price a Domesta Demand 40 80 120 100 200 240 250 320 30 400 440 480 320 100 600 g N Refer to Figure 9-5. With trade, total surplus is O a. $3,240 O . 56,480 0 287,760 +++ + NAGB +++++++++ Refer to Figure 9-5. With trade, total surplus is O a. $3,240. O b. $6,480 O c. $7,760. O...
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...
Figure 9-11 Price Domestic Supply World Price Domestic Demand Quantity Refer to Figure 9.11. Consumer surplus in...
Figure 9-11 Price Domestic Supply World Price Domestic Demand Quantity Refer to Figure 9.11. Consumer surplus in this market before trade is O a. A Ob. B+C O c. A+B+D. O d.c. Supply Demand Refer to Figure 7-21. Which area represents consumer surplus when the price is P1? O a. A O b.B ос. С To a.D
Domestic Supply World Price+tarrif World Price Domestic Demand 32 36 40 0 4 8 12 16...
Domestic Supply World Price+tarrif World Price Domestic Demand 32 36 40 0 4 8 12 16 20 24 28 44 48 52 a Refer to Figure. With trade, you can deduce that country Imports 24 units of the good and gains from trade are $ 240 a. Imports 24 units of the good and gains from trade are $ 480 Ob. Imports 20 units of the good and gains from trade are $ 200 Imports 20 units of the good...
17) Figure 9-12 (1pts) Price 84 Domestic Supply 78 72+ 66 60 World Price 54 48 42 36 30 24+ 18 + 12 Domestic Deman...
17) Figure 9-12 (1pts) Price 84 Domestic Supply 78 72+ 66 60 World Price 54 48 42 36 30 24+ 18 + 12 Domestic Demand 6 Quantity 2000 2400 2800 1600 1200 800 400 NO Refer to Figure 9-12. Producer surplus after trade is $28,000. $30,000 $35,200. $38,400. 11 12 13 14 | 15 | 16 17 18 19 1 20 Previous
(1 pts) 16) Figure 9-9 Price Domestic Supply World Price Domestic Refer to Figure 9-9. Consumer surplus in this market...
(1 pts) 16) Figure 9-9 Price Domestic Supply World Price Domestic Refer to Figure 9-9. Consumer surplus in this market before trade A+B. A+B+
Figure 9-22 The following diagram shows the domestic demand and domestic supply in a market. In...
Figure 9-22 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. 1 Price Domestic Supply - -- 90 80+ 70+ 60+ Domestic Demand 200 400 600 800 1000 1200 1400 1600 1800 2000 2200 2400 Quantity 27. Refer to Figure 9-22. Suppose the government imposes a tariff of $20 per unit. With trade and a tariff, consumer surplus is a. $75,000 and...
The figure illustrates the market for coffee in Guatemala Price 150 140 130 120 110 100 90 80 70 Domestic supply World pnce Domestic demand 50 30 20 10 2 468 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 Quanity Refer to Figure 9-1. With trade, Guatemala will export 22 units of coffee. export 10 units of coffee. import 30 units of coffee. import 12 units...
1) When trade in coffee is allowed, producer surplus in
Guatemala
a. increases by the area B + D.
b. increasesbytheareaB+D+G.
c. decreases by the area C + F.
d. decreases by the area G.
2) When trade is allowed,
a. Guatemalan producers of coffee become better off and
Guatemalan consumers of coffee become worse off.
b. Guatemalan consumers of coffee become better off and
Guatemalan producers of coffee become worse off.
c. both Guatemalan producers and consumers of coffee...
Figure 13-9 The figure below depicts average total cost functions for a firm that produces automobiles. Average Total Cost (5) ATCD ATCA ATCE Quantity of Automobiles per day Refer to Figure 13-9. Which of the curves is most likely to characterize the short-run average total cost curve of the smallest factory? a. ATCA b.ATCB ос. Атес d. ATCD Figure 13-9 The figure below depicts average total cost functions for a firm that produces automobiles. Average 1 Total Cost (5) Quantity...
Figure 9-5 The figure illustrates the market for tricycles in a country I Price &%83&* Domestic Supply B World price a Domesta Demand 40 80 120 100 200 240 250 320 30 400 440 480 320 100 600 g N Refer to Figure 9-5. With trade, total surplus is O a. $3,240 O . 56,480 0 287,760 +++ + NAGB +++++++++ Refer to Figure 9-5. With trade, total surplus is O a. $3,240. O b. $6,480 O c. $7,760. O...
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...
Figure 9-11 Price Domestic Supply World Price Domestic Demand Quantity Refer to Figure 9.11. Consumer surplus in this market before trade is O a. A Ob. B+C O c. A+B+D. O d.c. Supply Demand Refer to Figure 7-21. Which area represents consumer surplus when the price is P1? O a. A O b.B ос. С To a.D
Domestic Supply World Price+tarrif World Price Domestic Demand 32 36 40 0 4 8 12 16 20 24 28 44 48 52 a Refer to Figure. With trade, you can deduce that country Imports 24 units of the good and gains from trade are $ 240 a. Imports 24 units of the good and gains from trade are $ 480 Ob. Imports 20 units of the good and gains from trade are $ 200 Imports 20 units of the good...
17) Figure 9-12 (1pts) Price 84 Domestic Supply 78 72+ 66 60 World Price 54 48 42 36 30 24+ 18 + 12 Domestic Demand 6 Quantity 2000 2400 2800 1600 1200 800 400 NO Refer to Figure 9-12. Producer surplus after trade is $28,000. $30,000 $35,200. $38,400. 11 12 13 14 | 15 | 16 17 18 19 1 20 Previous
(1 pts) 16) Figure 9-9 Price Domestic Supply World Price Domestic Refer to Figure 9-9. Consumer surplus in this market before trade A+B. A+B+
Figure 9-22 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. 1 Price Domestic Supply - -- 90 80+ 70+ 60+ Domestic Demand 200 400 600 800 1000 1200 1400 1600 1800 2000 2200 2400 Quantity 27. Refer to Figure 9-22. Suppose the government imposes a tariff of $20 per unit. With trade and a tariff, consumer surplus is a. $75,000 and...
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