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- The graph below represents the market for sugar in the U.S. The domestic supply and demand curves are drawn, the world price for sugar is indicated, and the effect of a tariff the US is imposing on sugar imports is shown. Use the graphic to calculate consumer surplus, producer surplus, economics surplus, government revenue, and deadweight loss. Do so under each of the following three situations: 1) no trade, 2) free trade, and 3) the sugar tariff.CENGAGE MINDTAP MindTap Assignment 4 (Chapters 9,13) Q s The following graph shows the same domestic supply and demand curves for pears in Zambia. Now, suppose that the Zambian government changes its stance on international trade, deciding to allow free trade in pears. The horizontal black line (Pw) represents the world price of pears at $350 per ton. Assume that Zambia's entry into the world market for pears has no effect on the world price and there are no transportation or transaction costs associated with international trade in pears. Also assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Use the green triangle (triangle symbol) to shade in the area representing consumer surplus, and then use the purple triangle (diamond symbol) to shade in the area representing producer surplus. PRICE (Dollars per ton) 380 Domestic Demand Domestic Supply 365 350 335 320 305 290 275 260 245 230 O 25 50 50 75 100 125 150…Consider the market for sugar in the United States depicted in the figure to the right. Assume the world price of sugar is $0.04 per pound, and at that price the United States can buy as much sugar as it wants without causing the world price to rise. Now suppose a tariff imposed by the government completely eliminates trade. As a result of the tariff, consumers will be surplus, and producers will be off in terms of consumer off in terms of producer surplus. Use the traingle drawing tool to indicate the total loss of surplus for the United States as a result of the tariff by shading in domestic dead weight loss. Property label this shaded area. Carefully follow the instructions above, and only draw the required objects. Price of sugar (per pound) 0.36 0.32- 0.28- 0.24- 0.20 0.16 0.12- 0.08 0.04+ 0.00+ 0 Supply World Price Demand 4 12 16 20 24 28 32 36 40 Quantity of sugar (billion pounds per year) Odu
- 1. The domestic demand (QD) and supply (Qs) for strawberries in Canada are given respectively by QD = 800 – 25P where P is the price per box of strawberries. and Qs = -40 + 5P a) What would be the equilibrium price and quantity if Canada could not trade with any other country for strawberries?The supply and demand for wheat in the small country Tinyland are: Qs = P and Qd = 400 – P, respectively. The world price of wheat is Pw = 100. a. Suppose the government imposes an import quota on wheat Q = 100. Find the price of wheat in Tinyland. Find the tariff per unit that generates the same volume of trade as the quota. Next suppose that instead of a quota or a tariff, the government levies a specific (per unit) consumption tax on wheat. Find the price of wheat in Tinyland when the tax is equal to the tariff you found in part ii and the quantity of wheat imported. NB: In contrast to a tariff, which is levied on all units produced abroad (imported), i. ii. a consumption tax is levied on all units sold in the domestic market regardless of where they were produced. b. Which of these three policies, i.e., quota, tariff, and consumption tax, do consumers and producers prefer? Give precise answers by evaluating the welfare of each group. Assuming that the government allocates quota…Before the North American Free Trade Agreement (NAFTA) gradually eliminated import tariffs on goods, the autarky price of tomatoes in Mexico was below the world price and in the United States was above the world price. Similarly, the autarky price of poultry in Mexico was above the world price and in the United States was below the world price. Draw diagrams with domestic supply and demand curves for each country and each of the two goods. As a result of NAFTA, the United States now imports tomatoes from Mexico and the United States now exports poultry to Mexico. How would you expect the following groups to be affected? a. Mexican and U.S. consumers of tomatoes. Illustrate the effect on consumer surplus in your diagram. b. Mexican and U.S. producers of tomatoes. Illustrate the effect on producer surplus in your diagram. c. Mexican and U.S. tomato workers. d. Mexican and U.S. consumers of poultry. Illustrate the effect on consumer surplus in your diagram. e. Mexican and U.S.…
- The model (graph) below represents a small country trade of good X after the government decided to impose tariffs on import. Consider the case of trade after tariffs. Please answer the following questions: What area(s) represent the gain of surplus to producers? What area(s) represent government revenue? What area(s) represent the loss of surplus to consumers? What area(s) represent consumers surplus? What's the quantity imported? Describe the impact of a tariff on social welfare. Refer to the graph to support your answer. A Qs Qs,t QD₂t Q₂ Quantity Edit View Insert Format Tools Table Price Pw+t Pw G CCountry X has 100 units of labour and country Y has 200 units of labour. Both countries produce computers and televisions. The unit labour requirements are given in the table below: Computers Televisions Country X 50 Country Y 100 Assume that free trade exists and that the relative price is such that both countries specialize completely in the industry in which they have a comparative advantage (neither country produces both goods). The supply of computers relative to televisions will be Select one: a. 0.02 (or 1/50) O b. 0.013 (or 1/75) c. 0.01 (or 1/100) d. impossible to determine without knowing the relative price of computers in terms of televisionsThe domestic supply and demand equations for good A are given by Qs= P - 60 and Qd= 360-2P. 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 the producer surplus and consumer surplus. Suppose the government wants to support domestic producers by imposing a tariff of $30 per unit of good A imported. Compute the effect on producer and consumer surplus, the amount of revenue gained by the government and the deadweight loss. If you were a consumer of this good, would you vote for or against the new tariff? Explain your reasoning.
- In March 2002, then-President George W. Bush put a tariff on imported steel as a means of protecting the domestic steel industry. In February, before the tariff went into effect, the United States produced 7.4 million metric tons of crude steel and imported about 2.8 million metric tons of steel products at an average price of $363 per metric ton. Two months later, after the tariff was in effect, U.S. production increased to 7.9 million metric tons. The volume of imported steel fell to about 1.7 million metric tons, but the price of the imported steel rose to about $448 per metric ton. The supply and demand diagram below shows this situation (along with an estimated no-trade domestic equilibrium at a price of $625 per metric ton and a quantity of 8.9 million metric tons). Using the letters, determine which areas on the graph represent each of the following:a. The increase in producer surplus gained by U.S. steel producers as a result of the tariffb. The loss in consumer surplus…Consider the case of the following large country (all prices are measured in euros, and quantities are measured in single units):– Domestic demand curve: P = 3600 –3Q– Domestic supply curve: P = 2Q– World free trade price of imports = 140 euros per unit– When the tariff is introduced, domestic prices rise by exactly one third of the amount of the tariff. Calculate the following. Also show your workout. Draw a diagram depicting the importing country market under free trade and with a tariff. Under free trade equilibrium:The quantity consumed domestically: ___________________________________________________The quantity produced domestically: ___________________________________________________The quantity imported: ______________________________________________________________ With a 30 euro specific tariff :The equilibrium quantity consumed domestically: _________________________________________The equilibrium quantity produced domestically: __________________________________________The…Q. 1 Assuming that the country is small, compare the welfare effects of placing a tariff on an import with the welfare effects of giving the domestic producers of that good a subsidy for each unit produced. Assume that the tariff and subsidy are equivalent. That is, each one would result in the same increase in domestic production. Draw one diagram for the tariff and another diagram for the subsidy. Then provide an explanation for the differing effects on national welfare.
