#2 4.) Using the triangle drawing tool, show deadweight loss, if any. Label it 'DWL Carefully...

 

Transcribed Image Text:

#2 4.) Using the triangle drawing tool, show deadweight loss, if any. Label it 'DWL Carefully follow the instructions above, and only draw the required objects. Next, do this for the rice tariff in the bottom figure to the right. Assume that at the world price, P consumers demand Qo units of rice and Japanese rice producers supply Qg units of rice. Suppose that the tariff completely eliminates trade 1.) Using the point drawing tool, indicate the pre-tariff world price and domestic rice production. Label it 'A 2.) Using the point drawing tool, indicate the equilibriun price and domestic rice production with the tariff. Label it B. 3.) Using the triangle drawing tool, indicate government revenue or deficit (Revenue or Deficit), f any 4.) Using the triangle drawing rool, show deadweight loss, if any, Label it "DWL Carefully follow the instructions above, and only draw the required objects 80 SHU FA M FR Selected: none 224 89 19 Dell DD 0₂ N M 90 Quantity of Clear all D Quantly face M Q 15 Check answer SP M #2 4.) Using the triangle drawing tool, show deadweight loss, if any. Label it 'DWL Carefully follow the instructions above, and only draw the required objects. Next, do this for the rice tariff in the bottom figure to the right. Assume that at the world price, P consumers demand Qo units of rice and Japanese rice producers supply Qg units of rice. Suppose that the tariff completely eliminates trade 1.) Using the point drawing tool, indicate the pre-tariff world price and domestic rice production. Label it 'A 2.) Using the point drawing tool, indicate the equilibriun price and domestic rice production with the tariff. Label it B. 3.) Using the triangle drawing tool, indicate government revenue or deficit (Revenue or Deficit), f any 4.) Using the triangle drawing rool, show deadweight loss, if any, Label it "DWL Carefully follow the instructions above, and only draw the required objects 80 SHU FA M FR Selected: none 224 89 19 Dell DD 0₂ N M 90 Quantity of Clear all D Quantly face M Q 15 Check answer SP M

Answer rating: 100% (QA)

1shown in diagram 2shown in diagramThe supply curve will shift downward due to subsidyS1 is t... View the full answer