(Figure: The Market for Apple AirPods) Use Figure: The Market for Apple AirPods. Suppose a country opens up to free trade. If the world price of Apple AirPods is $120, producer surplus: Price $140 130 120 110 100 90 100 150 200 250 300 Quantity(thousands) decreases by $1.5 million. increases by $2.5 million. increases by $750,000. decreases by $2.5 million.

(Figure: The Market for Apple AirPods) Use Figure: The Market for Apple AirPods. Suppose a country opens up to free trade. If the world price of Apple AirPods is $120, producer surplus: Price $140 130 120 110 100 90 100 150 200 250 300 Quantity(thousands) decreases by $1.5 million. increases by $2.5 million. increases by $750,000. decreases by $2.5 million.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter32: The Land Market And Natural Resources

Section: Chapter Questions

Problem 12E

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The figure below represents the domestic market for wheat in a small country. Imports of wheat are prohibited. Price ($ per bushel) Sa (domestic supply curve) $180 $160 World price Da (domestic demand curve) 150 Quantity (millions of bushels) 40 60 120 With an export subsidy of $20 per bushel, the production effect of the export subsidy amounts to $1 billion. $2.2 billion. O $300 million. $200 million.
Use the green point (triangle symbol) to shade consumer surplus, and then use the purple point (diamond symbol) to shade producer surplus. ? PRICE (Dollars per tons) 1360 Domestic Demand Domestic Supply 1290 1220 1150 1080 1010 940 870 800 730 Pw 660 0 50 100 150 200 250 300 350 400 QUANTITY (Thousands of tons of lemons) 450 500 A Consumer Surplus Producer Surplus When New Zealand allows free trade of lemons, the price of a ton of lemons in New Zealand will be $800. At this price, will be demanded in New Zealand, and tons will be supplied by domestic suppliers. Therefore, New Zealand will import tons of lemons. tons of lemons
The figure below represents the domestic market for wheat in a small country. Imports of wheat are prohibited. Price ($ per bushel) $180 $160 0 40 60 C) $300 million. 120 OD) $2.2 billion. 150 Sa (domestic supply curve) -World price With an export subsidy of $20 per bushel, the production effect of the export subsidy amounts to OA) $1 billion. OB) $200 million. Da (domestic demand curve) Quantity (millions of bushels)
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34. Within the Marvel universe, the nation of Wakanda controls the world's supply of Vibranium, a metal with extraordinary abilities, costing $10,000 per gram. Currently, Wakanda does not trade the metal with other countries, preferring to remain in a state of autarky. However, if Wakanda subsequently decides to export Vibranium, what would happen to the price, assuming demand stays constant? (A) It would go up. (B) It would go down. (C) It would stay the same. (D) Impossible to determine without more information.
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If the world price is greater than $120, does this create a shortage or surplus of contact lenses in the domestic market? PS- Graph shown is for contact lenses Idk what would the right answer is?
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