Homework Answers
A. $8. Price without imports means the equilibrium without trade. Therefore, where the domestic demand and supply curve intersects will be the price and quantity without imports.
B. Domestically 2400 units will be produced and 5000(7400-2400) units will be imported i.e quantity supplied is to be subtracted from the quantity demanded.
C. When govt. imposed a $2 tariff the price rises to $6, and the quantity produced domestically is 3600 units. The quantity imported is only 2500(6100-3600) units.
D. Govt. revenue is this rectangle(see next part) shaded in the image = l * b = 2 * 2500
= $5000.
E. 
Add Answer to:
Use the graph below of the domestic demand and supply for t-shirts to answer the following...
Problem 1 Below, you are provided with the demand and supply curves for t-shirts and the...
Problem
1
Below, you are
provided with the demand and supply curves for t-shirts and the
world price of a t-shirt. You will usethis information to identify
whether the country imports or exports t-shirts. You will also
examine the impact of a tariffon the amount of consumer and
producer surplus that results in this market.
Suppose that the world price of a t-shirt is $20. Does this
country import or export t-shirts? How many?
Suppose that this country engages in...
The domestic supply and demand equations for good A are given by ?? = ? −...
The domestic supply and demand equations for good A are given by ?? = ? − 60 and ?? = 360 − 2? respectively. The world price of the good is $90. At the current world price, how much of good A is produced domestically and how much is consumed? How much of the good is the country importing from the world? Graph the inverse domestic supply and demand equations with the world price. Show on the graph and calculate...
9.10. The domestic demand for portable radios is given by Demand: Q = 5,000-100P where price P is measured in dollars and quantity Q is measured in thousands of radios per year. The domes tic supply...
9.10. The domestic demand for portable radios is given by Demand: Q = 5,000-100P where price P is measured in dollars and quantity Q is measured in thousands of radios per year. The domes tic supply curve for radios is given by Supply: Q-150P a. What is the domestic equilibrium in the portable radio market? b. Suppose portable radios can be imported at a world price of $10 per radio. If trade were unencumbered, what would the new market equilibrium...
33. The following diagram shows the domestic demand and supply curves for sunglasses. Assume that...
33. The following diagram shows the domestic demand and supply curves for sunglasses. Assume that the world price for sunglasses is $10 per unit. 60 50 45 40 35 30 20 15 10 200 400 600 800 1000 Part : With no trade allowed, what are the equilibrium price and equilibrium quantity for sunglasses? Part 2: If the country allows free trade, (a) how many sunglasses will domestic consumers demand and how many sunglasses will domestic producers produce? (b) Will...
Suppose the following table reflects the domestic supply and demand for radios: Price $18 $16 $14...
Suppose the following table reflects the domestic supply and demand for radios: Price $18 $16 $14 $12 $10 $8 $6 $4 Qs 8 7 6 5 4 3 2 1 Qd 2 4 6 8 10 12 14 16 Graph these market conditions and identify the equilibrium price and quantity. Now suppose that foreigners enter the market, offering to sell an unlimited supply of radios for $6 a piece. Illustrate and identify the new market price, domestic quantity supplied and...
The demand and supply for automoblles In a certain country is given In the graph below....
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...
3. The following diagram shows the domestic demand and supply curves for sunglasses. Assume that the...
3. The following diagram shows the domestic demand and supply curves for sunglasses. Assume that the world price for sunglasses is S10 per unit. 60 50 45 40 35 30 20 15 10 200 400 600 800 1000 Part 1: With no trade allowed, what are the equilibrium price and equilibrium quantity for sunglasses? Part 2: If the country allows free trade, (a) how many sunglasses will domestic consumers demand and how many sunglasses will domestic producers produce? (b) Will...
Figure 4.2 illustrates the supply and demand for t -shirts. If the actual price of t-shirts...
Figure 4.2 illustrates the supply and demand for t -shirts. If the actual price of t-shirts is $15, there is an Supply O A. excess demand of 8 t- shirts O B. excess supply of 8 t - shirts. O C. excess demand of 10 t- shirts. O D. excess supply of 10t-shirts. Demand 0 2 4 10 12 T-shirts per month Figure 4.2 Price per T-shirt
Please draw the graph The figure below shows the hypothetical domestic supply and demand for baseball...
Please draw the graph
The figure below shows the hypothetical domestic supply and demand for baseball caps in the country of Spain. The world price ls also shown on the graph. Suppose that there are currently no import restrictions on baseball caps and that Spanish consumers are Indifferent between domestic and imported baseball caps. Now suppose that because of intense lobbying by domestic baseball cap manufacturers, the Spanish government decides to impose an import quota of 20,000 basebell caps per...
The following graph shows the domestic supply of and demand for oranges in Jordan. The world...
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...
Problem
1
Below, you are
provided with the demand and supply curves for t-shirts and the
world price of a t-shirt. You will usethis information to identify
whether the country imports or exports t-shirts. You will also
examine the impact of a tariffon the amount of consumer and
producer surplus that results in this market.
Suppose that the world price of a t-shirt is $20. Does this
country import or export t-shirts? How many?
Suppose that this country engages in...
9.10. The domestic demand for portable radios is given by Demand: Q = 5,000-100P where price P is measured in dollars and quantity Q is measured in thousands of radios per year. The domes tic supply curve for radios is given by Supply: Q-150P a. What is the domestic equilibrium in the portable radio market? b. Suppose portable radios can be imported at a world price of $10 per radio. If trade were unencumbered, what would the new market equilibrium...
33. The following diagram shows the domestic demand and supply curves for sunglasses. Assume that the world price for sunglasses is $10 per unit. 60 50 45 40 35 30 20 15 10 200 400 600 800 1000 Part : With no trade allowed, what are the equilibrium price and equilibrium quantity for sunglasses? Part 2: If the country allows free trade, (a) how many sunglasses will domestic consumers demand and how many sunglasses will domestic producers produce? (b) Will...
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...
3. The following diagram shows the domestic demand and supply curves for sunglasses. Assume that the world price for sunglasses is S10 per unit. 60 50 45 40 35 30 20 15 10 200 400 600 800 1000 Part 1: With no trade allowed, what are the equilibrium price and equilibrium quantity for sunglasses? Part 2: If the country allows free trade, (a) how many sunglasses will domestic consumers demand and how many sunglasses will domestic producers produce? (b) Will...
Figure 4.2 illustrates the supply and demand for t -shirts. If the actual price of t-shirts is $15, there is an Supply O A. excess demand of 8 t- shirts O B. excess supply of 8 t - shirts. O C. excess demand of 10 t- shirts. O D. excess supply of 10t-shirts. Demand 0 2 4 10 12 T-shirts per month Figure 4.2 Price per T-shirt
Please draw the graph
The figure below shows the hypothetical domestic supply and demand for baseball caps in the country of Spain. The world price ls also shown on the graph. Suppose that there are currently no import restrictions on baseball caps and that Spanish consumers are Indifferent between domestic and imported baseball caps. Now suppose that because of intense lobbying by domestic baseball cap manufacturers, the Spanish government decides to impose an import quota of 20,000 basebell caps per...
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...
Most questions answered within 3 hours.
-
without using map
1. Write a C++ program to find out the top 10 words in...
asked 50 seconds from now -
A physics major is cooking breakfast when he notices that the
frictional force between the steel...
asked 2 minutes ago -
1)Calculate the percent ionization of a
0.330 M solution of hypochlorous
acid.
% Ionization = %...
asked 1 minute ago -
A cyclohexane (c-hex) solution is prepared by fully dissolving
9.11g of a newly synthesized organic compound...
asked 8 minutes ago -
SCHEME :-)
[5 marks] Write a procedure called convert that takes as
arguments: a temperature value...
asked 15 minutes ago -
Are
Acetyl CoA and Pyruvate biological molecules that are used to get
ATP energy in aerobic...
asked 16 minutes ago -
Two waves are traveling on a string, one with a wave function,
y1 = 0.05sin(4x -...
asked 23 minutes ago -
Develop an ideal customer profile for three Dell Customer
groups( a supplier, a global business, and...
asked 26 minutes ago -
Suppose, for any future year, the probability its October rain
is more than 3 inches is...
asked 30 minutes ago -
Solve the following systems of linear equations using
substitution 12p + 3q = 15 6q +...
asked 37 minutes ago -
Prof. D went grocery shopping and purchased one dozen eggs and
one pound of flour (all...
asked 44 minutes ago -
If
somehow loop of Henle were removed - that is if the proximal tubule
was connected...
asked 45 minutes ago