According to the data in Figure A above, in the absence of trade and import quotas, what is the producer surplus? A. 15000. B. 7500. C. 2400. D. 1200. 450 Domestic Supply 300 228 quota a b с d 120 20 38 50 74 14 110 Domestic Supply + Import Quota Domestic Demand World Price
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- A tariff is a tax on imported goods. Suppose the U.S. government cuts the tariff on imported flat screen televisions. Using the four-step analysis, how do you think the tariff reduction will affect the equilibrium price and quantity of flat screen TVS?The table below represents the quantity of rice demanded for selected countries. Quantity of Rice Demanded (millions of metric tons) Price (U.S. dollars per metric ton) Japan Taiwan South Korea Market Total $600 13 7 8 500 14 8.5 10.5 400 15 10 13 300 16 11.5 15.5 200 17 13 18 What is the quantity of rice demanded in the market (in metric tons) if the market price is $300 per metric ton? million metric tons Round your answers to 1 decimal place.Country Y Price Qdd Osd $ 9.00 250 450 8.00 300 400 7.00 350 350 6.00 400 300 5.00 450 250 The accompanying table gives data for Country Y. Column 1 is the price of a product. Column 2 is the quantity demanded domestically (Qdd). and Column 3 is the quantity supplied domestically (Qsd). If the world price of the product is $9.00, then Country Y will
- 27. Suppose IP is the international trade price and this country's government imposes a $3 tariff on imports of this good, what will be the loss to consumers? 28. Suppose IP is the international trade price and this country's government imposes a $3 tariff on imports of this good, what will be the net loss to this econom? 29. Suppose IP is the international trade price and this country's government imposes a $3 tariff on imports of this good, how much revenue will the government collect? 30. Suppose IP is the international trade price and this country's government imposes a 6 unit quota on imports of this good, what will be the net loss to this econom?BTU, draw a diagram to illustrate how the develop- c. As a percent of total exports, rank the states in orda b. Calculate the growth in exports from 2002 to 2012 156 I PART 2 SUPPLY AND DEMAND C. Assuming natural gas prices in Europe are $6.00 per BTU, draw a diagram to illustrate how the develop- ment of a natural gas terminal in the United States will affect supply and demand in the natural gas market for Europe. Explain your findings. d. How will the exporting of natural gas from the United States to Europe affect consumers and pro0- ducers in both places? Note that most of the natural gas in Europe originates from Russia's state-owned natural gas company, Gazprom. Access the Discovering Data exercise for Chapter 5 online to answer the following 3. questions. a. Rank the states in order of exports to China. Rank in order of most to fewest exports. for each state. of most to least exports to ChinoCountry Y LEGO Price Odd Osd $ 9.00 250 450 8.00 300 400 7.00 350 350 6.00 400 300 5.00 450 250 The accompanying table gives data for Country Y. Column 1 is the price of a product. Column 2 is the quantity demanded domestically (Qdd), and Column 3 is the quantity supplied domestically (Qsd. If the world price of the product is $5.00, then Country Y will
- according to" the global coffee trade "- Stanford graduate school of business 1. Why does the price of coffee fluctuate so widely?2. How can farmers respond to a chronic oversupply problem? How do policies ofconsuming nations impact the potential exporting-country responses?3. Can supply and demand be overruled by a suitably designed international organization, oris an organization like the International Coffee Organization doomed to failure?4. Evaluate the NGOs’ proposals for improving the market. Are they workable?5. Viewing yourself as a technocrat whose job is to revamp the global green-coffee marketso that it operates more in the growers’ favor, what changes to the rules of themarketplace and/or national policies would you recommend?Think about the mobile-market is in equilibrium. Suppose that, as part of a trade policy, the government imposes the tax on mobile-import. Will this affect the supply or the demand? Why? How this will affect the consumer surplus and producer surplus? Show graphically with before- and after-effects on the same graph. How will this change the equilibrium price and quantity of mobile? Explain your reasoning.Kawmin is a small country that produces and consumesjelly beans. The world price of jelly beans is$1 per bag, and Kawmin’s domestic demand andsupply for jelly beans are governed by the followingequations:Demand: QD = 8 − PSupply: QS = P,where P is in dollars per bag and Q is in bags of jellybeans.a. Draw a well-labeled graph of the situation inKawminif the nation does not allow trade.Calculatethe following (recalling that the area ofa triangle is ½ × base × height): the equilibriumprice and quantity, consumer surplus, producersurplus, and total surplus.b. Kawmin then opens the market to trade. Drawanother graph to describe the new situation inthe jelly bean market. Calculate the equilibriumprice, quantities of consumption and production,imports, consumer surplus, producer surplus, andtotal surplus.c. After a while, the Czar of Kawmin respondsto the pleas of jelly bean producers by placinga $1 per bag tariff on jelly bean imports. On a graph, show the effects of…
- China is a major producer of grains, such aswheat, corn, and rice. Some years ago, the Chinesegovernment, concerned that grain exports weredriving up food prices for domestic consumers,imposed a tax on grain exports.a. Draw the graph that describes the market for grainin an exporting country. Use this graph as thestarting point to answer the following questions.b. How does an export tax affect domestic grainprices?c. How does it affect the welfare of domesticconsumers, the welfare of domestic producers,and government revenue?d. What happens to total welfare in China, asmeasured by the sum of consumer surplus,producer surplus, and tax revenue?Economics Consider a small country that imports good X from an international market. Let the initial international price of good X be $100, and the country decides to impose an import tariff of 20% on the product. Use the information in the graph below to answer the following questions. (20 points) Price of Supply 130 e 120 Price after tax a 100 World Price Import Demand 10 20 100 110 Quantity of good X 1. What is the world price after tariff? 2. Calculate the change in consumer surplus after the tariff. 3. Calculate the change in producer surplus after the tariff. 4. Calculate the change in government tariff revenue after the tariff.What Type of attraction are in Uk? and which are the main Characteristcs of supply? (what make different from the rest of the world)