Suppose Zambia is open to free trade in the world market for oranges. Because of Zambia's small size, the demand for and supply of oranges in Zambia do not affect the world price. The following graph shows the domestic oranges market in Zambia. The world price of oranges is Pw=$80 ton. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is a free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS). PRICE (Dollars perton) 1280 Domestic Demand Domestic Supply 1220 1160 1100 1040 980 920 860 800 740 680 + 0 36 P W 9 12 15 18 21 24 27 30 QUANTITY (Thousands of tons of oranges) CS 3 PS If Zambia allows international trade in the market for oranges, it will import tons of oranges. Now suppose the Zambian government decides to impose a tariff of $120 on each imported ton of oranges. After the tariff, the price Zambian consumers pay for a ton of oranges is S and Zambia will import Show the effects of the $120 tariff on the following graph. tons of oranges.
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- Suppose Kenya is open to free trade in the world market for wheat. Because of Kenya's small size, the demand for and supply of wheat in Kenya do not affect the world price. The following graph shows the domestic wheat market in Kenya. The world price of wheat is Pw =$250 per ton. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at the free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS). (? 490 Domestic Demand Domestic Supply 460 CS 430 400 370 PS 340 310 280 Pw 250 220 190 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of tons of wheat) If Kenya allows international trade in the market for wheat, it will import tons of wheat. Now suppose the Kenyan government decides to impose a tariff of $60 on each imported ton of wheat. After the tariff, the price Kenyan consumers pay for a ton of wheat is s and Kenya will import tons of…Suppose Bangladesh is open to free trade in the world market for maize. Because of Bangladesh's small size, the demand for and supply of maize in Bangladesh do not affect the world price. The following graph shows the domestic maize market in Bangladesh. The world price of maize is Pw PW=$350 per ton. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer's surplus (CS) when the economy is at the free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producers' surplus (PS). 710 A Domestic Demand Domestic Supply 670 CS 630 590 550 PS 510 470 430 390 PM 350 A 310 3 6. 12 15 18 21 24 27 30 QUANTITY (Thousands of tons of maize) If Bangladesh allows international trade in the market for maize, it will import tons of maize. Now suppose the Bangladeshi government decides to impose a tariff of $40 on each imported ton of maize. After the tariff, the price Bangladeshi consumers pay for a ton of…Suppose Guatemala is open to free trade in the world market for oranges. Because of Guatemala’s small size, the demand for and supply of oranges in Guatemala do not affect the world price. The following graph shows the domestic oranges market in Guatemala. The world price of oranges is PWPW=$800 per ton. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at the free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS). 1. If Guatemala allows international trade in the market for oranges, it will import _____ tons of oranges. 2. Now suppose the Guatemalan government decides to impose a tariff of $120 on each imported ton of oranges. After the tariff, the price Guatemalan consumers pay for a ton of oranges is _____ and Guatemala will import _____ tons of oranges. 3. Show the effects of the $120 tariff on the following…
- Suppose Zambia is open to free trade in the world market for oranges. Because of Zambia's small size, the demand for and supply of oranges in Zambia do not affect the world price. The following graph shows the domestic oranges market in Zambia. The world price of oranges is Pw=$80 ton. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is a free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS). PRICE (Dollars per ton) 1280 Domestic Demand Domestic Supply 1220 1160 1100 1040 980 920 860 800 740 P 680 + 0 3 6 9 12 15 18 21 24 27 30 QUANTITY (Thousands of tons of oranges) CS PS If Zambia allows international trade in the market for oranges, it will import tons of oranges. Now suppose the Zambian government decides to impose a tariff of $120 on each imported ton of oranges. After the tariff, the price Zambian consumers pay for a ton of…Suppose Guatemala is open to free trade in the world market for wheat. Since Guatemala is small relative to the international market, the demand for and supply of wheat in Guatemala have no impact on the world price. The following graph shows the domestic market for wheat in Guatemala. The world price of a ton of wheat is Pw = $400. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at the free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS). (?) PRICE (Dollars per ton) 1200 1100 1000+ 900 800 700 600 500 400 300- 200 0 Domestic Demand 20 40 Domestic Supply 60 80 100 120 140 QUANTITY (Tons of wheat) PW 160 180 200 A CS T PS Because Guatemala participates in international trade in the market for wheat, it will import tons of wheat. Now suppose the Guatemalan government decides to impose a tariff of $200 on each imported ton of…Attempts 0.5 3. Tariffs Suppose Bangladesh is open to free trade in the world market for oranges. Because of Bangladesh's small size, the demand for and supply of oranges in Bangladesh do not affect the world price. The following graph shows the domestic oranges market in Bangladesh. The world price of oranges is Pw = $800 per ton. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at the free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS). PRICE (Dollars per ton) 1280 1220 1160 1100 1040 980 920 860 800 740 680 0 Keep the Highest 0.5 / 2 Domestic Demand 2 wala Domestic Supply 4 6 8 10 12 14 16 QUANTITY (Thousands of tons of oranges) 18 20 Show the effects of the $60 tariff on the following graph. CS If Bangladesh allows international trade in the market for oranges, it will import PS Now suppose the Bangladeshi government…
- Suppose Jordan is open to free trade in the world market for maize. Since Jordan is small relative to the international market, the demand for and supply of maize in Jordan have no impact on the world price. The following graph shows the domestic market for maize in Jordan. The world price of a ton of maize is Pw = $800. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at the free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS). PRICE (Dollars per ton) 1280 1220 1160 1100 1040 980 920 860 800 740 680 0 Domestic Demand 25 50 Domestic Supply PIN 75 100 125 150 175 200 225 250 QUANTITY (Tons of maize) CS PS ? Because Jordan participates in international trade in the market for maize, it will import tons of maize. Q SearchSuppose New Zealand is open to free trade in the world market for maize. Since New Zealand is small relative to the international market, the demand for and supply of maize in New Zealand have no impact on the world price. The following graph shows the domestic market for maize in New Zealand. The world price of a ton of maize is Pw $800. = On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at the free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS). PRICE (Dollars per ton) 1150 1100 1050 1000 950 900 850 800 750 700 650 0 Domestic Demand 5 Il a small country 10 15 Domestic Supply 20 25 30 35 QUANTITY (Tons of maize) Pw 40 45 50 CS PS Because New Zealand participates in international trade in the market for maize, it will import Use the following graph to show the effects of the $50 tariff. tons of maize. Now suppose the New…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
- Suppose Zambia is open to free trade in the world market for soybeans. Since Zambia is small relative to the international market, the demand for and supply of soybeans in Zambia have no impact on the world price. The following graph shows the domestic market for soybeans in Zambia. The world price of a ton of soybeans is PW = $250. Use the following graph to show the effects of the $ 10 tariff. Use the black line (plus symbol) to indicate the world price plus the tariff. Then, use the green points (triangle symbols) to show the consumer surplus with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral (square symbols) to shade the area representing government revenue received from the tariff and the tan points (rectangle symbols) to shade the areas representing deadweight loss (DWL) caused by the tariff.Country X does not allow imports of clothing. In its equilibrium without trade, a sweater costs $20 and the equilibrium quantity is 3 million sweaters. One day, the president decides to open the market to international trade. The market price of a sweater falls to the world price of $16. The number of sweaters consumed in Country X rises to 4 million, while the number of sweaters produced declines to 1 million. a) illustrate in a graph the situation just described. Your graph should show all the numbers. b) Calculate the change in consumer surplus, producer surplus, and total surplus that results from opening up trade.Suppose that the United States currently both produces kumquats and imports them. The U.S. government then decides to restrict international trade in kumquats by imposing a quota that allows imports of only six million pounds of kumquats into the United States each year. The figure shows the results of imposing the quota. Fill in the following table (enter all numeric responses rounded to the nearest penny for prices and as whole numbers for quantities). Without With Quota Quota World price of kumquats S U.S. price of kumquats $ Quantity supplied by U.S. million firms Quantity demanded million million million million 교차 Quantity imported million Area of consumer ▼ surplus Area of domestic ▼ ▼ producer surplus Area of deadweight loss V Price ($ per lb.) $1.75 1.50- of A C D HI B E J K 15 16 Q (millions of lbs.) Sus Du.s. 880