The following graph shows the domestic demand for and supply of oranges In Guatemala. The world price (Pw) of oranges is $550 per ton and is displayed as a horizontal black line. Throughout the question, assume that all countries under consideration are small, that is, the amount demanded by any one country does not affect the world price of oranges and that there are no transportation or transaction costs associated with International trade in oranges. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. PRICE (Dollars perton) 820 790 760 730 700 670 640 610 500 550 520 Domestic Demand 030 60 Domestic Supply 120 150 180 210 240 270 300 QUANTITY (Tons of oranges) ? If Guatemala is open to International trade In oranges without any restrictions, it will Import A tariff set at this level would raise S Suppose the Guatemalan government wants to reduce Imports to exactly 60 tons of oranges to help domestic producers. A tariff of S will achieve this. tons of oranges. in revenue for the Guatemalan government. per ton

The following graph shows the domestic demand for and supply of oranges In Guatemala. The world price (Pw) of oranges is $550 per ton and is displayed as a horizontal black line. Throughout the question, assume that all countries under consideration are small, that is, the amount demanded by any one country does not affect the world price of oranges and that there are no transportation or transaction costs associated with International trade in oranges. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. PRICE (Dollars perton) 820 790 760 730 700 670 640 610 500 550 520 Domestic Demand 030 60 Domestic Supply 120 150 180 210 240 270 300 QUANTITY (Tons of oranges) ? If Guatemala is open to International trade In oranges without any restrictions, it will Import A tariff set at this level would raise S Suppose the Guatemalan government wants to reduce Imports to exactly 60 tons of oranges to help domestic producers. A tariff of S will achieve this. tons of oranges. in revenue for the Guatemalan government. per ton

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.8P

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