The following graph shows the domestic demand for and supply of oranges in Honduras. The world price (Pw) of oranges is $550 per ton and isdisplayed as a horizontal black line. Throughout the question, assume that all countries under consideration are small, that is, the amount demandedby any one country does not affect the world price of oranges and that there are no transportation or transaction costs associated with internationaltrade in oranges. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takesplace.PRICE (Dollars per ton)8658307957607256906556205855505150Domestic Demand4080Domestic SupplyPW120 160 200 240 280 320 360 400QUANTITY (Tons of oranges)? PRICE (Dollars per ton)865 Domestic Demand8307957607256906556205855505150 40Domestic SupplyPW80 120 160 200 240 280 320 360 400QUANTITY (Tons of oranges)If Honduras is open to international trade in oranges without any restrictions, it will importA tariff set at this level would raise $Suppose the Honduran government wants to reduce imports to exactly 160 tons of oranges to help domestic producers. A tariff of $will achieve this.tons of oranges.in revenue for the Honduran government.per ton

Domestic demand and supply refer to the quantity of goods and services that consumers and producers…

If Honduras is open to international trade in oranges without any restrictions, it will import Suppose the Honduran government wants to reduce imports to exactly 160 tons of oranges to help domestic producers. A tariff of $ will achieve this. A tariff set at this level would raise $ tons of oranges. in revenue for the Honduran government. per ton

If Honduras is open to international trade in oranges without any restrictions, it will import Suppose the Honduran government wants to reduce imports to exactly 160 tons of oranges to help domestic producers. A tariff of $ will achieve this. A tariff set at this level would raise $ tons of oranges. in revenue for the Honduran 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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