The International Rice Market Rice is a food staple consumed by millions of people worldwide. In...
The International Rice Market
Rice is a food staple consumed by millions of people
worldwide. In 2008 several major rice exporting countries including
Indonesia, India, and Vietnam banned the export of rice. This
decreased the world supply of rice in the global market. In this
question you will consider the effect of this on the Philippines, a
rice importing country.
Read all parts of this question before starting to
answer.
a. Draw a pair of graphs, side by side. Use the graph on the left to show the domestic supply (Sd) and domestic demand (Dd) for rice in the Philippines. The Philippines is a rice importing country. Use the graph on the right to show the world supply (Sw) and world demand (Dw) for rice. Label your axes and curves on both graphs. On your graph of the Philippine domestic supply and demand, indicate the world price (Pw), the Philippine autarky price (Pd), the amount of rice that the Philippines produces (Qsd), the amount of rice that the Philippines consumes (Qdd), and the amount of rice that the Philippines imports.
Homework Answers
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The International Rice Market
Rice is a food staple consumed by millions of people
worldwide. In...
Consider a domestic market for a good, say rice, for one country, say Japan. Its supply curve is SJ and demand curve is...
Consider a domestic market for a good, say rice, for one country, say Japan. Its supply curve is SJ and demand curve is D. Ptariff is the price of rice in Japan, with tariff, Pw is the world price of rice illustrates a domestic market of a country that imposed a tariff on its imports of a specific good Ptarif AB pi 0 What is the net welfare change for an importing country after imposition of the tariff? A+C A+B+C+D...
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 $540 per ton and is represented by the horizontal black line. Throughout the questio
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 $540 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 soybeans. Also, assume that...
4. Effects of a tariff on international trade The following graph shows the domestic supply of...
4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for oranges in Guatemala. 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...
(1) If the world price is above the domestic equilibrium price, the domestic country is likely...
(1)
If the world price is above the domestic equilibrium price, the
domestic country is likely to ____________________ the good.
(2)
The difference between what an economy sells to and buys from
foreigners is _________________.
(3)
The idea that exchange rates and prices adjust to equalize the
cost of living across international boundaries is called
__________________________.
(4)
In the graph below, when the world price is $3, how many units
are...
2) Suppose that China opens up its aircraft market to international trade and the world price...
2) Suppose that China opens up its aircraft market to international trade and the world price of an aircraft becomes $100 million. China becomes an (either importing or exporting) country because the world price is (either lower or greater) than the domestic price. The amount of import is aircrafts because the domestic quantity demanded is aircrafts and the domestic quantity supplied is aircrafts. Consumer surplus is $ million and consumer surplus increases by $ million compared to closed economy. Producer...
9. Effects of a tariff on international trade The following graph shows the domestic supply of...
9. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for maize in Panama. The world price (Pw) of maize is $270 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 maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers...
4. Effects of a tariff on international trade The following graph shows the domestic supply of...
4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for oranges in New Zealand. The world price (Pw) of oranges is $780 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...
Electric form is better. Thank you. 4. Effects of a tariff on international trade The following...
Electric form is better. Thank you.
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...
4. Effects of a tariff on International trade The following graph shows the domestic supply of...
4. Effects of a tariff on International trade The following graph shows the domestic supply of and demand for oranges in Jordan. The world price (Pw) of oranges is 5760 per tonne 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...
4. Effects of a tariff on international trade The following graph shows the domestic supply of...
4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for maize in Bangladesh. The world price (Pw) of maize is $245 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 maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers...
Consider a domestic market for a good, say rice, for one country, say Japan. Its supply curve is SJ and demand curve is D. Ptariff is the price of rice in Japan, with tariff, Pw is the world price of rice illustrates a domestic market of a country that imposed a tariff on its imports of a specific good Ptarif AB pi 0 What is the net welfare change for an importing country after imposition of the tariff? A+C A+B+C+D...
4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for oranges in Guatemala. 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...
(1)
If the world price is above the domestic equilibrium price, the
domestic country is likely to ____________________ the good.
(2)
The difference between what an economy sells to and buys from
foreigners is _________________.
(3)
The idea that exchange rates and prices adjust to equalize the
cost of living across international boundaries is called
__________________________.
(4)
In the graph below, when the world price is $3, how many units
are...
2) Suppose that China opens up its aircraft market to international trade and the world price of an aircraft becomes $100 million. China becomes an (either importing or exporting) country because the world price is (either lower or greater) than the domestic price. The amount of import is aircrafts because the domestic quantity demanded is aircrafts and the domestic quantity supplied is aircrafts. Consumer surplus is $ million and consumer surplus increases by $ million compared to closed economy. Producer...
9. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for maize in Panama. The world price (Pw) of maize is $270 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 maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers...
4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for oranges in New Zealand. The world price (Pw) of oranges is $780 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...
Electric form is better. Thank you.
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...
4. Effects of a tariff on International trade The following graph shows the domestic supply of and demand for oranges in Jordan. The world price (Pw) of oranges is 5760 per tonne 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...
4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for maize in Bangladesh. The world price (Pw) of maize is $245 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 maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers...
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