The domestic demand for carrots is given by: QD=2000-50P. The domestic supply for carrots is given by: QS=100P-700. The country is open to free trade and finds the world price of carrots is $12. The government levies a $3 per unit tariff on imported carrots. Calculate the tariff revenue. (Do not include a "$" sign in your response.)
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Lesson 12 Question 4
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- China placed tariffs on the importation of US soybeans. Assume that the domestic market for soybeans in China is described by the following equations: Demand: P = 11.5 – Q Supply: P = 5.5 + Q Price is in 10 Yuan (¥) per bushel of soybeans and the units for Quantity are 100 million bushels per year. This is to make graphing simpler. This does NOT mean that the price is 10 and quantity is 100. Rather it means that if the price was 40¥ and the quantity was 7,500,000,000 bushels, this would plot as 4 and 7.5 respectively. The world price for soybeans is ¥65/bushel (this would graph as a horizontal line at 6.5). Graph the soybean market in China showing equilibrium both with no barriers to trade and with a ¥15/bushel tariff. Be sure to fully and clearly label the graph including: Domestic Demand curve (D), Domestic Supply curve (S), the World Price (WP), and the Price with tariffs (PT), along with the quantities imported both with and without the tariff. Based on your graph, what…Suppose a per-unit tariff of $10 is imposed on imported cell phones. After the tariff: - The quantity demanded is 10 million - The quantity supplied domestically is 2 million Calculate the amount of tax revenue collected due to the tariff.The demand for cameras in a certain country is given by D = 8000 – 30P, where P is the price of acamera. Supply by domestic camera producers is S = 4000 + 10P. If this economy opens to tradewhile the world price of a camera is $50, and the government imposes a tariff of $30 per camera,what will be the quantity of cameras that this country imports or exports?
- 10 10 20 30 40 50 60 70 80 90 100 Baseball caps (thousands per month) Suppose that the world price of baseball caps is €1 and there are no import restrictions on this product. Assume that Spanish consumers are indifferent between domestic and imported baseball caps. Instructions: Enter your answers as whole numbers. a. What quantity of baseball caps will domestic suppliers supply to domestic consumers? thousand b. What quantity of baseball caps will be imported? thousand Now suppose a tariff of €1 is levied against each imported baseball cap. C. After the tariff is implemented, what quantity of baseball caps will domestic suppliers supply to domestic consumers? thousand d. After the tariff is implemented, what quantity of baseball caps will be imported? thousand Price (€ per cap)Analyze the impact of a decrease in tariffs (taxes) on imported flat screen televisions in the market for flat screen televisions.Suppose the domestic supply (QS) and demand (QD) for skateboards in the United States is represented by the following set of equations: QS = -300 +2P QD = 1200 - 4P Calculate the change in producer surplus when the United States moves from autarky to free trade and, as a result, decides to import skateboards from the rest of the world at a per unit price of $200. -$7,500.00. -$3,375. +$2,800.50.
- The demand for cars in a certain country is given by: ? = 15,000 − 0.3?, where P is the price of a car. Supply by domestic car producers is: ? = 5,000 + 0.2?. Suppose this economy opens to trade, and the world price of a car is $13,000. If the government imposes a quota allowing 3,000 cars to be imported, then the domestic price of cars will beif u.s. quotas on imported goods were eliminated: a) the supply of sugar in the U.S. would shift to the left and the prices would rise b) the world price of sugar would rise c) the demand for sugar in the U.S. would shift to the left and prices would fall. d) the supply of sugar in the U.S. would shift to the right and sugar prices would fall e) None of the answers are correct.In 2019, Japan had a tariff on canola oil imports from Canada of 13.2 yen per kg. This same year, Japan imported approximately 35 million kg of canola oil from Canada. How much tariff revenue did the Japanese government generate in 2019? (Do not include the extra zeros for millions in your answer.)
- Problem 5. a) Which areas are in the graph are deducted from the consumer surplus as a result of tariff? Estimate the value of imports with tariff c) Estimate Imports without tariff b) d) Estimate tariff revenue production inefficiency and deadweight loss e) Estimate the additional producer surplus as a result of the tariff imposition. Price of rice P = PhP 73.75| Pw = PhP 70.00| C A D 0 25 50 B E F Domestic supply ↑ Tariff Domestic demand 100 125 World price Quanti of riceThe USA imports 380,000 units of cellphones from China, and locally the USA produces 120,000 units. The world price for cellphones is $300 per unit. The USA is a large country and imposed a tariff of 25% for the importation of cellphones from China as a retaliation due to its trade imbalance with China. Due to the tariff, the world price falls by 10%, local production increases by 80% and local consumption falls by 20%. (a) Solve for the price after the tariff was imposed, and quantity of cellphones produced, consumed and imported in the USA. Show your answers with a proper diagram of the cellphones market. (b) Explain the effects on the consumer surplus, producer surplus, deadweight loss and terms of trade of the cellphones market in the USA after the tariff was imposed. Explain the welfare effects of both countries.The following graph shows the domestic supply of and demand for soybeans in Honduras. The world price (Pw) of soybeans is $530 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 domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. 890 Domestic Demand Domestic Supply 850 810 770 730 690 650 610 570 Pw 530 490 50 100 150 200 250 300 350 400 450 500 QUANTITY (Tons of soybeans) PRICE (Dollars per ton)