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4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for maize in Sudan. The world price (Pw) of maize is $255 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 maiz and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satis domestic demand as much as possible before any exporting or importing takes place. PRICE (Dollars per ton) 525 Domestic Demand 495 465 435 405 375 345 315 285 255 225 010 20 Domestic Supply 30 40 50 60 70 QUANTITY (Tons of maize) 80 W 90 100

4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for maize in Sudan. The world price (Pw) of maize is $255 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 maiz and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satis domestic demand as much as possible before any exporting or importing takes place. PRICE (Dollars per ton) 525 Domestic Demand 495 465 435 405 375 345 315 285 255 225 010 20 Domestic Supply 30 40 50 60 70 QUANTITY (Tons of maize) 80 W 90 100

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter9: Application: International Trade
Section: Chapter Questions
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Sophia ✓ My Home Courses WyoWeb Catalog and Study Tools Rental Options College Success Tips Career Success Tips ? Help « Give Feedback CENGAGE MINDTAP Homework (Ch 09) 4. Effects of a tariff on international trade PRICE (Dollars per ton) 525 495 465 The following graph shows the domestic supply of and demand for maize in Sudan. The world price (Pw) of maize is $255 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 will satisfy domestic demand as much as possible before any exporting or importing takes place. 435 405 375 345 315 285 Homework (Ch 09) 255 225 0 10 20 Domestic Demand Domestic Supply x 40 50 60 70 QUANTITY (Tons of maize) music ✓ cody ✓ Engl 1010 Wyo bSearch results for 'The following graph s... 30 ng.cengage.com 80 +I 90 Pw 100 C MindTap - Cengage Learning ? + 0 = Orange: Micro & Macro. Chapter 9 【App... Q Search this course X A-Z bongo A+ O
Transcribed Image Text:Sophia ✓ My Home Courses WyoWeb Catalog and Study Tools Rental Options College Success Tips Career Success Tips ? Help « Give Feedback CENGAGE MINDTAP Homework (Ch 09) 4. Effects of a tariff on international trade PRICE (Dollars per ton) 525 495 465 The following graph shows the domestic supply of and demand for maize in Sudan. The world price (Pw) of maize is $255 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 will satisfy domestic demand as much as possible before any exporting or importing takes place. 435 405 375 345 315 285 Homework (Ch 09) 255 225 0 10 20 Domestic Demand Domestic Supply x 40 50 60 70 QUANTITY (Tons of maize) music ✓ cody ✓ Engl 1010 Wyo bSearch results for 'The following graph s... 30 ng.cengage.com 80 +I 90 Pw 100 C MindTap - Cengage Learning ? + 0 = Orange: Micro & Macro. Chapter 9 【App... Q Search this course X A-Z bongo A+ O
Sophia ✓ My Home Courses WyoWeb Catalog and Study Tools Rental Options College Success Tips Career Success Tips ? Help « Give Feedback CENGAGE MINDTAP Homework (Ch 09) PRICE (Dollars per ton) 495 465 435 405 375 345 315 285 255 225 HO Homework (Ch 09) 0 10 + 20 40 50 60 70 QUANTITY (Tons of maize) 30 music ✓ cody ✓ Engl 1010 Wyo bSearch results for 'The following graph s... A tariff set at this level would raise $ 80 90 ng.cengage.com P. W 100 If Sudan is open to international trade in maize without any restrictions, it will import C MindTap - Cengage Learning Suppose the Sudanese government wants to reduce imports to exactly 20 tons of maize to help domestic producers. A tariff of $ achieve this. in revenue for the Sudanese government. tons of maize. Grade It Now per ton will Save & Continue Continue without saving + 0 = Orange: Micro & Macro. Chapter 9 【App... Q Search this course X A-Z bongo A+
Transcribed Image Text:Sophia ✓ My Home Courses WyoWeb Catalog and Study Tools Rental Options College Success Tips Career Success Tips ? Help « Give Feedback CENGAGE MINDTAP Homework (Ch 09) PRICE (Dollars per ton) 495 465 435 405 375 345 315 285 255 225 HO Homework (Ch 09) 0 10 + 20 40 50 60 70 QUANTITY (Tons of maize) 30 music ✓ cody ✓ Engl 1010 Wyo bSearch results for 'The following graph s... A tariff set at this level would raise $ 80 90 ng.cengage.com P. W 100 If Sudan is open to international trade in maize without any restrictions, it will import C MindTap - Cengage Learning Suppose the Sudanese government wants to reduce imports to exactly 20 tons of maize to help domestic producers. A tariff of $ achieve this. in revenue for the Sudanese government. tons of maize. Grade It Now per ton will Save & Continue Continue without saving + 0 = Orange: Micro & Macro. Chapter 9 【App... Q Search this course X A-Z bongo A+
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