Use the green point (triangle symbol) to shade consumer surplus in Cambodia before China's clothing industry expands. Then use the purple point (diamond symbol) to shade producer surplus. Market for Clothing in Cambodia Domestic Demand Consumer Surplus Domestic Supply World Price Producer Surplus Quantity of Clothing Price of Clothing
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- Explain how a subsidy on agricultural goods like sugar adversely affects the income of foreign producers of imported sugar.The U.S. is one of the main producers of oil in the world. Still, at the current world price, there is a shortage of oil in the U.S. market and the country has to cover it through imports. Suppose the U.S. government decided to introduce an import tariff St on oil imports. i. Draw a diagram that shows the effect of this policy on the U.S. oil market and on the global oil market. Indicate the effect of oil import tariff on U.S. consumers, producers and government revenue. ii. How does this tariff affect U.S. welfare? Explain (you may use a diagram from part (a) if you want).6. Imports and Exports When China's clothing industry expands, the increase in world supply lowers the world price of clothing. Consider the effects this has on both an importer and an exporter of clothing. Suppose the following graph represents the market for clothing in Pakistan prior to the expansion of China's clothing industry. Pakistan is an of clothing because the world price is the domestic equilibrium price. Note: You will have to use green points (triangle symbol) and purple points (diamond symbol) to shade the consumer and producer surplus areas on the following graphs. There are two green points and two purple points per graph. Use either one point of both to most accurately indicate the areas. For example, if indicating the consumer surplus requires only one green point, leave the second one on the palette. Use the green point (triangle symbol) to shade consumer surplus in Pakistan before China's clothing industry expands. Then use the purple point (diamond symbol) to…
- Recently, US imposed new tariffs on Canadian softwood lumber. Lumber is intensively used in the construction and renovation projects for single-family homes. US Mkt. for lumber. Pw is the price of lumber available to domestic construction firms before the imposition of tariffs. On the graph, show (1) the price of lumber with tariff (PT); (2) quantity of lumber produced by domestic producers (Qsd); (3) quantity of lumber bought by domestic construction firms (Qdd); (4) quantity of lumber imported (IM); (5) revenue from tariff (TR); (6) Tariff deadweight loss (DWL). (5) With up/down arrows, indicate the change in the price of lumber available to domestic construction firms___, quantity of lumber available to domestic construction firms__ , quantity of lumber produced in the US__. In the market for lumber: 1. (10%) Label clearly the supply and demand curves, S and D, and . 2. (60%) On the graph, construct and label clearly (1) the price after the introduction of the tariff (PT) (2)…QUESTION 24 Figure 8.1 depicts the supply and demand schedules of calculators for Greece, a "small" country that is unable to affect the world price. Greece's supply and demand schedules of calculators are respectively depicted by SG and DG Assume that Greece imports calculators from either Germany or France. Suppose Germany is the world's low-cost producer who can supply calculators to Greece at $20 per unit, while France can supply calculators at $30 per unit. Figure 8.1. Effects of a Customs Union 70 40 88 10 O 2 3 S 7 Quantity of Cataton Consider Figure 8.1. Suppose Greece had formed a customs union with Germany, rather than France. The value of the trade diversion effect would be: a. $5 b. $15 C. SO d. $3 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Ane[India is the world’s largest consumer of sugar. Assume the world price for sugar is $750 per ton.] [Assume India currently has a tariff of $50 per ton on sugar and imports 7 million tons of sugar. Show this situation in a graph. Label the quantity demanded and the quantity supplied domestically and imports clearly on a graph. Explain your graph in 3-4 sentences. How to draw the graph?
- Assume that the United States, as a steel-importing nation, is large enough so that changes in the quantity of its imports influence the world price of steel. The following table shows the U.S. supply and demand schedules for steel, along with the overall amount of steel supplied to U.S. consumers by domestic and foreign producers. Price (Dollars per ton) 100 200 300 400 PRICE (Dollars per ton) 800 700 600 500 400 300 200 100 500 600 700 0 0 2 Using the data in the table, use the blue points (circle symbol) to plot the demand curve and use the orange points (square symbol) to plot the supply curve (domestic plus imports) on the following graph. Then use the black cross to indicate the equilibrium price and quantity. ? 6 (Domestic) 0 0 1 2 3 5 Quantity Supplied The new equilibrium is (Domestic plus Imports) 0 8 10 12 14 16 18 20 QUANTITY (Tons of steel) With free trade, the equilibrium price of steel is $ 4 8 12 16 20 24 tons are supplied by U.S. producers, and tons are imported.…Assume that the United States, as a steel-importing nation, is large enough so that changes in the quantity of its imports influence the world price of steel. The following table shows the U.S. supply and demand schedules for steel, along with the overall amount of steel supplied to U.S. consumers by domestic and foreign producers. Price Quantity Supplied (Dollars per ton) (Domestic) (Domestic plus Imports) Quantity Demanded 100 0 0 15 200 4 14 300 8 13 400 12 12 500 16 11 600 20 10 700 5 24 9 Using the data in the table, use the blue points (circle symbol) to plot the demand curve and use the orange points (square symbol) to plot the supply curve (domestic plus imports) on the following graph. Then use the black cross to indicate the equilibrium price and quantity. BOO -O Demand -P Supply us free trade + Equilibrium Free trade 4 Supply wond wit Equilibrium PRICE (Dollars per fon) 700 600 500 400 300 200 100+ 0 6 0 1 2 3 4 10 12 14 16 18 20 22 24 0 2 4 QUANTITY (Tons of steel) With…[India is the world’s largest consumer of sugar. Assume the world price for sugar is $750 per ton.] [Assume India currently has a tariff of $50 per ton on sugar and imports 7 million tons of sugar. Show this situation in a graph. Label the quantity demanded and the quantity supplied domestically and imports clearly on a graph. Explain your graph in 3-4 sentences. 2. [ Suppose India decides to remove the tariff, show the effect of this change on India’s imports on the graph. Clearly label the new domestic quantity demanded and the quantity supplied. You must use the same graph as you have drawn in answer to Part a to show this new scenario. How does this policy affect consumers, producers, and the government in India? You only have to state who benefits or harms from the policy. 3. [Label the areas in your graph and fill in the following table. With Tariff Free Trade (after the tariff is removed) Consumer Surplus Producer Surplus Government…
- Home's import demand curve (shown on the graph to the right) for wheat is QMD 80-40P. Foreign's demand curve is Foreign's supply curve is D=80-20P. S-40+20P. 1) Using the line drawing tool, accurately graph Foreign's export supply curve. Label the curve 'EX 2) Using the point drawing tool, assuming free trade between the countries at zero transportation cost, indicate on the graph the world price of wheat and the volume of trade. Label the point Ea Carefully follow the instructions above and only draw the required objects. What would the price of wheat be in the absence of trade? $(Round your answer to the nearest penny) 3- 04 0 Price, P EX 120 MD 10 20 30 40 50 60 70 80 90 100 Quantity, Q 3The nation of Bermuda is “small” and assumed to be unable to affect world prices. It importsstrawberries at the price of 10 dollars per box. The Domestic Supply and Domestic Demand curvesfor boxes are:S = 60 + 20PD = 1160 − 15P(a) if the import quota is 400 boxes then what is new equilibrium price.8. Assume that now trade happens. The relative supply of wine in the home country is less than the world (because the home country is better at making laptops). What would happen to the relative price of wine to laptop in the home country when trade is allowed? Which group would benefit from this? a) Pwine/Ptaptop would increase and laptop manufacturers would gain b) Pwine/Plaptop would increase and wine makers would gain c) Pwine/Ptaptop would decrease and laptop manufacturers would gain d) Pwine/Piaptop would decrease and wine makers would gain