You have been provided with information on the price of Avocados in the U.S before (free...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
You have been provided with information on the price of Avocados in the U.S before (free trade/pre tariff) and after the imposition of a tariff on imports: Domestic Consumption (free trade/pre tariff): Domestic Consumption (post tariff): Domestic Production (post tariff): Domestic Production (free trade/pre tariff): Domestic Price (post tariff): World and Domestic Price (free trade/pre tariff): World Price (post tariff): (a) What is the domestic producers gain (give quantity)? (b) What is the consumers loss (give quantity)? (c) What is the Government Revenue? 6.75 Billion Units 6.25 Billion Units 3.50 Billion Units 2.75 Billion Units $3.25 $2.50 $2.30 (d) What is the value of the part of the Government Revenue paid by foreign firms (as opposed to domestic consumers) in this case (give quantity)? (e) What is the net national gain or loss (give quantity)? Assume the world price of the good decreases overtime, but the tariff remains unchanged. What is the impact on the following (increase, decrease, unchanged)? (f) Consumption Effect. (h) Consumer Loss_ (g) Producer Income__ (i) Government Gain_ (j) Assume that domestic demand now decreases by 1 million units at any given price but there is no change in policy. Who would have preferred a quota over a tariff- consumers or producers? You have been provided with information on the price of Avocados in the U.S before (free trade/pre tariff) and after the imposition of a tariff on imports: Domestic Consumption (free trade/pre tariff): Domestic Consumption (post tariff): Domestic Production (post tariff): Domestic Production (free trade/pre tariff): Domestic Price (post tariff): World and Domestic Price (free trade/pre tariff): World Price (post tariff): (a) What is the domestic producers gain (give quantity)? (b) What is the consumers loss (give quantity)? (c) What is the Government Revenue? 6.75 Billion Units 6.25 Billion Units 3.50 Billion Units 2.75 Billion Units $3.25 $2.50 $2.30 (d) What is the value of the part of the Government Revenue paid by foreign firms (as opposed to domestic consumers) in this case (give quantity)? (e) What is the net national gain or loss (give quantity)? Assume the world price of the good decreases overtime, but the tariff remains unchanged. What is the impact on the following (increase, decrease, unchanged)? (f) Consumption Effect. (h) Consumer Loss_ (g) Producer Income__ (i) Government Gain_ (j) Assume that domestic demand now decreases by 1 million units at any given price but there is no change in policy. Who would have preferred a quota over a tariff- consumers or producers?
Expert Answer:
Answer rating: 100% (QA)
a The domestic producers gain is the change in total production from pretariff levels to posttariff ... View the full answer
Related Book For
Posted Date:
Students also viewed these economics questions
-
5) Consider a product with constant annual demand of 900 units, fixed ordering cost of $80 per order, and inventory cost of 10% per unit per year. The product's cost price is $100 per unit. It is...
-
How long will it take to produce 1.00 103 kg of magnesium metal by the electrolysis of molten magnesium chloride using a current of 5.00 104 A?
-
How long will it take to build up a fund of $10 000 by saving $300 at the end of every 6 months at 4.5% compounded semi- annually?
-
Parisian Cosmetics Company is planning a one-month campaign for September to promote sales of one of its two cosmetics products. A total of $140,000 has been budgeted for advertising, contests,...
-
In 2004 Calor (T-Fal), a member of Groupe SEB of France, worlds largest kitchen products and small appliances manufacturer, commissioned the product design firm of SeymourPowel to redesign its mid...
-
The Taylor series expansion for cos(x) is: where x is in radians. Write a MATLAB program that determines cos (x) using the Taylor series expansion. The program asks the user to type a value for an...
-
Fill in the Blank. The combustion instabilities are a source of ____________ in engines.
-
Poole Corporation has collected the following information after its first year of sales. Net sales were $1,600,000 on 100,000 units; selling expenses $240,000 (40% variable and 60% fixed); direct...
-
Sybilla confided in Robert about her situation following an abusive incident with Peter. Robert offered to help her by sponsoring her to stay in Australia as an Australian citizen. Sybilla, after...
-
Nutrition is often talked about in everyday pop culture. Nutrition science, however, is not always part of the conversation. Respond to the following in a minimum of 175 words: Discuss some examples...
-
Metal oxides are acidic in nature. State whether true or false. Options: 1) True 2) False
-
Within what time period must a summons be served after a complaint is filed?
-
When must a response to a motion for summary judgment be filed? When must a reply be filed?
-
When must a response to a motion be filed? When must a reply be served?
-
What are the possible grounds for a motion to dismiss?
-
For what reasons can a judge issue a protective order?
-
Kshlerin Co. issued 500 shares of $1 par common stock during the fiscal year 2021. The shares were sold for $13 per share. As a result of the issuance, what is the increase in total shareholder's...
-
Juarez worked for Westarz Homes at construction sites for five years. Bever was a superintendent at construction sites, supervising subcontractors and moving trash from sites to landfills. He...
-
Which of the indicators in Fig. could be used for doing the titrations in Exercises 65 and 67? Fig Pheadl Red
-
As O2(l) is cooled at 1 atm, it freezes at 54.5 K to form solid I. At a lower temperature, solid I rearranges to solid II, which has a different crystal structure. Thermal measurements show that H...
-
The Ostwald process for the commercial production of nitric acid from ammonia and oxygen involves the following steps: 4NH3(g) + 5O2(g) 4NO(g) + 6H2O(g) 2NO(g) + O2(g) 2NO2(g) 3NO2(g) + H2O(l) ...
-
The diathermal wall (a) Is incapable of exchanging heat with the surroundings (b) Permits the full flow of heat from the system to the surroundings and vice versa (c) Both (a) and (b) (d) None of...
-
What is the effect of pressure on equilibrium conversion of a gas-phase chemical reaction?
-
The total energy of a system comprises (a) Kinetic energy, potential energy and vibrational energy (b) Kinetic energy, potential energy and rotational energy (c) Kinetic energy, potential energy and...
Study smarter with the SolutionInn App