Homework Answers
Answer
P=Pw+T=$20
Qd=150 units
Qs=100 units
Import =Qd-Qs=150-100=50 units
Tariff revenue =imports * per unit tariff =50*10=$500
====
Producer surplus is the area below price and above supply curve
PS=0.5*(P- Y axis intercept of the supply curve)*Qs
=0.5*(20-8)*100
=600
==========
Consumer surplus is the area below demand and above price
CS=0.5*(Y axis intercept of the demand curve -P)*Q
=0.5*(30-20)*150
=750
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consumer surplus (increase/decrease) by
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*(increase/Decrease) by
$__________, and the government collects
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welfare effect is a (gain/loss) by
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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...
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country
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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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