Question: answer The table below lists the price and quantities demanded and supplied of cotton in the country of Boonton. Price Cotton demand Cotton supply 56

answer

The table below lists the price and quantities demanded and supplied of cotton in the country of Boonton. Price Cotton demand Cotton supply 56 1550 10225 511 1475 1087.5 516 1437.5 11525 $21 1362.5 1250 326 1287.5 1217.5 $31 1250 1250 336 1175 1315 At a world price of $21, how much will Boonton import? Suppose the government of Boonton imposes a tariff on cotton. Since a tariff is a tax (on imported cotton), it raises the price of cotton to $26. How much cotton does Boonton now import? Who benehts from the higher price of cotton in Boonton

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