Welfare effects of a tariff in a small country
Suppose Venezuela is open to free trade in the world market for soybeans. Because of Venezuela’s small size, the demand for and supply of soybeans in Venezuela do not affect the world price. The following graph shows the domestic soybeans market in Venezuela. The world price of soybeans is = $400 per ton.
Homework Answers
Import = 60 tons
= (105-45)
= 60
¢ new price = 400+40= $ 440
¢ new import = 30 tons
= (90-60)
= 30
Table
| Free trade | Tariff | |
| CS | .5(680-400)*105= 14700 | .5(680-440)*90=10800 |
| PS | .5*(400-280)*45= 2700 | .5*(440-280)*60= 4800 |
| Govt revenue | - | 40*(30)= 1200 |
¢ because of tax, CS falls by = 3900
¢ PS rise by $ 2100
¢ Govt Revenue 1200
¢ government assistance impact is fall of
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graph shows the domestic wheat market in Bolivia. The world price
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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...
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4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for soybeans in Venezuela. The world price (Pw) of soybeans is $545 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 soybeans and that there are no transportation or transaction costs associated with international trade in...
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