Refer to the figure at right showing the market for cheese. The increase in domestic producer surplus associated with the tariff shown will be $ the nearest dollar.) (Round your response to Price of Cheese ($) Market for Cheese Pw+t= 26 B 20 Pw C = }Tariff 14 D 22 30 Quantity of Cheese (thousand units) S
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- Recently, 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 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). Based on your graph for question 3, what amount of soybeans will China import from the US if there are no…Recently, 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 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).“Both the import demand curve and export supply curve of a good are functions of domestic price of the good.” Explain the above statement with the help of graphs.
- The annual demand for imported oranges is given by the following equation:QD = 600,000 − 30,000Pwhere P is the price per kilogram and QD is quantity of kilograms demanded per year.The supply of imported oranges is given by the equation:QS = 20,000P Calculate the following: ii. the amount of revenues collectedThe following graph shows the demand curve for uff, a useful commodity produced on the planet Hermes. The Hermetian currency is the yen. The graph input tool also shows how demand for uff is affected by changes in the average income of Hermetians, as well as the prices of tulg and snick, two other related goods available on the planet. Suppose that the price of a gram of uff decreased from 50 yen to 45 yen. This would cause a _______ (options: movement along, shift of) the demand curve and therefore an increase in _________ (options: the demand for uff, the quantity of uff demanded). Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward _________ (options: movement along, shift of) the demand curve.Country C imports 80,000 metric tons of steel from Country U and produces domestically80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linearschedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and theprice elasticity of domestic demand to be -0.25 in the current market equilibrium. Country Cimposes an import duty of $150 per metric ton that caused the world price to fall by 10%. What are the terms of trade of the Country C steel market after the tariff was imposed? Explain the welfare effects of both countries
- Suppose the government imposes a quota on imports of foreign-made steel. Assume that the quota has an effect on the market for steal. The result will be that the domestic price of steel Answer 1 Question 8, the domestic production of steel Answer 2 Question 8, and imports of foreign-made steel Answer 3 Question 8The demand for Australian-made motorcycles in Japan is given by: Japanese demand = 10000 –0.001(price of Australian motorcycles in yen). Similarly, the demand for Japanese-made motorcycles in Australia is: Australian demand = 30 000 –0.2(price of Japanese motorcycles in dollars). The domestic price of an Australian-made motorcycle is $20 000, and the domestic price of a Japanese-made motorcycle is ¥2 500 000. From the perspective of Australia, find the real exchange rate in terms of motorcycles and net exports of motorcycles to Japan, if: a) the nominal exchange rate is 100 yen per dollar b) the nominal exchange rate is 125 yen per dollar. c) How does an appreciation of the dollar affect Australian net exports of motorcycles (considering only the Japanese market)?Suppose supply is given by the equation Ps = 2 + Qs and demand is given by the equation PD = 50 – 2QD. Price is in dollars; quantity is in thousands of units. Assuming the current level of imports is 12,000 units, if a tariff of $4 is imposed, then increase in surplus compared to no trade will be $12,000 from imports of 6,000 units. $36,000 from imports of 12,000 units. $36,000 from imports of 6,000 units. $48,000 from imports of 12,000 units.
- Suppose the domestic supply (QSs) and demand (QD) for MP3 players in the United States are given by the following set of equations: QS = -25 + 1OP QD = 875 - 5P by when the United States engages in The consumer surplus will international trade and the international price for MP3 players settles at $50. O increase; $2,625 O decrease; $13,500 increase; $6,000 O decrease; $7,150A tariff has been placed on sisal, a plant that is used to produce sisal rugs. Wool rugs are a substitute in consumption for sisal rugs. If the price of wool rugs increases and the effect of this is greater on the demand for sisal rugs than the impact of the tariff on supply, what happens to the equilibrium price and quantity of sisal rugs? a. Price increases, and quantity decreases. b. Price decreases, and quantity increases. c. Price increases, and quantity increases. d. Price decreases, and quantity decreases.Q27 Surplus of a good is more likely to occur with the implementation of a choices - import tariff - price floor - export tariff - price ceiling