P Domestic Market for Good X Pi P₂ & P Pw Po 0 0 Q₁ Q2 Q Consider the domestic market for Good X in Country A, graphed above. Po-$5, P1-$25, P2-$20, P=$15, Pw-$10, Q1-40, Q-80, Q2-120. The world market outside country A observes a price Pw for Good X. When international trade is allowed, what is the quantity exchanged of Good X in Country A?
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- 36 36 option command command option Price Sus Pw+ T 41 eni 16 Pw 1bluow Dus en Q Qg Q4 Q2 Quantity priwol-fot orl 16wens oldst pnivnegmooos ort ni sisb ert priel E 4. PW is the world price and PW + T is the world price plus a tariff. Identify the following: a. The level of imports at PW b. The level of imports at PW + T c. The loss in consumers' surplus as a result of a tariff d. The gain in producers' surplus as a result of a tariff e. The tariff revenue received by the government as a result of a tariff f. The net loss to society as a result of a tariff g. The net benefit to society of moving from a tariff to no tariff boop eshiouoConsider the market for slug repellant. This good can be produced in the United States or abroad. Assume U.S. consumers wish to buy the least expensive slug repellant possible. Price Quantity demanded $6 13000 $7 12000 $8 11000 $9 10000 $10 9000 $11 8000 Quantity supplied domestically 2000 4000 6000 8000 9000 10000 Quantity supplied by importers if trade is allowed 5000 5000 5000 5000 5000 5000 If international trade is allowed, what is the equilibrium price?12LGjjfiV9KIUa7A14QC7gvvPrKFtW6ZwP60WrVE/edit AP 100% PRICE Dolars perp Answer Price ($) 10. Using the graph below, determine the equilibrium price and quantity of pens. 0000 5000- 3000 2000- Normal text Answer: RUBRIC Worksheet 2 Scenario 11. Using the graph below, determine the approximate equilibrium price and quantity of soap. Supety 3 QUANTITY ons of pens) Demand Curve Arial Supply Curve Cartoon P Quantity Supplied Price determination AND PRICE 11 Demand + B I UA A
- Quantity Demanded Domestically Price 1,850 $ 16 15 14 13 12 11 2,650 2,450 2,250 2,050 2,650 1,850 2,850 1,650 Refer to the accompanying table for a certain product's market in Econland. If Econland was entirely closed to international trade, the equilibrium price and quantity would be 2,050 2,250 2,450 Mutiple Choice O $14 and 2.250 un $15 and 2450 units $12 and 1,850 units Quantity Supplied Domestically $13 and 2450 unQuestion 18 Price Domestics. nply 140 120 World Price 90 30 Domestics Demand 20 30 40 Quantity (Coffee) When trade in coffee is allowed with the rest of the world, 1sumer surplus increases by S900. increases by $600. o decreases by $340. decreases by $550.price supply domestic price- $35 import price + tarif $20 demand 100 300 500 650 850 quantity Based on the graph above, if there is a tariff of $15 per unit imposed on imports in this market: A. 750 units will be imported and tariff revenue to the government will be $11.250 B. 650 units will be imported and tariff revenue to the government will be $9,75O C. 350 units will be imported and tariff revenue to the government will be $5.250 D. 300 units will be imported and tariff revenue to the government will be $4,500
- aw The graph below shows the domestic supply of and demand for mangos in India. 18 16 Price ($) 14 12 10 2 200 400 600 800 1000 1200 Quantity of mangos (cases) 1400 1600 DHomework 4- Compatibility Mode - Saved to this PC O Search Joseph Mercad Layout References Mailings Review View Help OFine Rom-12 - A A Aa A !! AaBbCcl AaBbCel AaBbC AaB AaBbCcc Rep xx A--A、 三山册一研, 一、田, I Normal I No Spac. Heading 1 Subtitle Title A Seles Font Paragraph Styles Editin Chapters 7: Welfare: Consumer and Producer Surplus 5. Explain the concept of consumer surplus. 6. Melinda buys an iPhone for $700 and gets a consumer surplus of $160. a. What is her willingness to pay? b. If she had bought the iPhone on sale for $500, what would her consumer surplus have been. c. If the price of an iPhone wvere $900, what would her consumer surplus have been? 7. The demand schedule for toasters, is given below. The price of toasters is $20. a Graph the demand curve to scale and identify the area that represents the consumer surplus ($) (millions) 120 10 100 20 80 30 60 40 40 50 20 60 Focus up ho IOI 10 4+ 23 3. %2$ 4 & 5. 6. 7. 8. LO |米ЕОC 10.05 Japan imports crayons into its country; they are a price taker in this market. Suppose the world price of crayons is $5. If Japan imposes a $1 tariff on crayons, what would be the domestic price of crayons and what will happen to the quantity bought? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The quantity bought will increase and the price will be $6. b The quantity bought will fall and the price will be $6. The quantity bought will fall and the price will be $4. d. The quantity bought will increase and the price will be $4.
- Figure 7-1 Price $54 30 24 0 R S V W X Y % Q₁ Q₂ US Supply O Q0 O Q1 World price Quantity of leather footwear Figure 7-1 shows the U.S. demand and supply for leather footwear. Q2 US Demand Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. What will be the quantity of imports? OQ2Q0S EOC2: End of Chapter Problem x O Question 13 of 15 - EOC2: End x + A assessments.macmillanlearning.com/sac/4152632#/4152632/12/-1 Apps Submit All Questions Completed 12 out of 15 O Resources Save Answe < Question 13 of 15 Demand: Thinking Like a Buyer - End of Chapter Problem The current administration imposes an unannounced tariff on steel imports which causes the price of new cars to increase overnight. Use the graph provided to illustrate the impact of this on the demand curve for new cars. You may either shift the demand curve or move the labeled point to illustrate a change in quantity demanded. Market for New Cars E Demand Quantity (millions of cars) !!! Price per car($)Figure 9-26 The diagram below illustrates the market for baseballs in the U.S. Price 20T Domestic Supphy 18 14 World Pric 12 Doetk Deand 250 500 1500 Quantity of Baseballs Refer to figure 9-26. Prior to opening of the U.S. baseball market to international trade, total surplus is a. $4800 b. $2400. c. $600, d. $6000, Figure 7-3 Price P2 B P1 D F Demand Q2 Q1 Quantity Refer to Figure 7-3. When the price rises from P1 to P2, which of the following statements is not true? a. The buyers who still buy the good are worse off because they now pay more. b. Some buyers leave the market because they are not willing to buy the good at the higher price. c. Buyers place a higher value on the good after the price increase. d. Consumer surplus in the market falls. Figure 8-5 Suppose that the government imposes a tax of P3 - P1. Price P4 Supply A P3 B P2 P1 F :: Demand Q2 Q1 Quantity Refer to Figure 8-5. The loss in total welfare that results from the tax is represented by area a. A+B+D+F. b. A+B+C. c.…
