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- For the first part I have drawn a graph but now it is wanting a graph drawn in U.S dollars showing clearly the price that the US importers (the buyers) pay and the quantity of trade that will occur. I have attached my first graph I have made along with the equations given. But I do not understand how to make this graph.Consider a small country that exports steel. Suppose the following graph depicts the domestic demand and supply for steel in this country. One of the two price lines represents the world price of steel. Use the following graph to help you answer the questions below. You will not be graded on any changes made to this graph. Price of Steel (Dollars per ton) 100 88 2882 8 20 10 Demand Supply 100 200 300 400 500 600 700 800 900 1000 Quantity of Steel (Tons) Because this country exports steel, the world price is represented by With this export subsidy, the price paid by domestic consumers is $ The quantity of steel consumed by domestic consumers , and the quantity of steel exported O True O False Triangle 8 Suppose that a "pro-trade" government decides to subsidize the export of steel by paying $10 for each ton sold abroad. Under the export subsidy, consumer surplus is $ S As a result, total surplus Polygon ? True or False: With the export subsidy, domestic producers will sell steel to…Country X does not allow imports of clothing. In its equilibrium without trade, a sweater costs $20 and the equilibrium quantity is 3 million sweaters. One day, the president decides to open the market to international trade. The market price of a sweater falls to the world price of $16. The number of sweaters consumed in Country X rises to 4 million, while the number of sweaters produced declines to 1 million. a) illustrate in a graph the situation just described. Your graph should show all the numbers. b) Calculate the change in consumer surplus, producer surplus, and total surplus that results from opening up trade.
- #3 PRICE (Dollars per tonne) cengage.com/static/nb/ui/evo/index.html?elSBN=9780357302934&snapshotld=D2741525&id3D1376796971& E CENGAGE MINDTAP Q Search thisC News Analysis: Nailing Down Metal Tariffs THIR A JA 15 ndu BILLS Consider a hypothetical example of trade in aluminum between the United States and China. For simplicity, assume that China is the only source of U.S. aluminum imports. The following graph shows the U.S. market for aluminum. Note that in the absence of any trade, the market price for aluminum in the United States is $500 per tonne, and the equilibrium quantity is 50 million tonnes per month. Use the green area (triangle symbol) to show U.S. consumer surplus under free trade with China, and use the purple area (diamond symbol) to show U.S. producer surplus under free trade with China. 0000 Domestic Demand Domestic Supply 006 Consumer Surplus 008 Producer Surplus 009 Free Trade Price 1. 06 20 08 09 QUANTITY OF ALUMINUM (Millions of tonnes per month) MacBook Air DOO F4…Steel Industry Consider a small country that exports steel. Suppose the following graph depicts the domestic demand and supply for steel in this country. One of the two price lines represents the world price of steel. Use the following graph to help you answer the questions below. You will not be graded on any changes made to this graph. 1. Because this country exports steel, the world price is represented by P1 or P2. Suppose that a “pro-trade” government decides to subsidize the export of steel by paying $10 for each ton sold abroad. 2. With this export subsidy, the price paid by domestic consumers is $???? per ton, and the price received by domestic producers is $???? per ton. 3. The quantity of steel consumed by domestic consumers INCREASES or REMAINS UNCHANGED or DECREASES, the quantity of steel produced by domestic producers INCREASES or REMAINS UNCHANGED or DECREASES, and the quantity of steel exported INCREASES or REMAINS UNCHANGED or DECREASES. 4. TRUE or FALSE:…Is the following statement TRUE or FALSE? Briefly explain why. "If the OPEC countries decide to restrict their oil exports, it will decrease the world price of this product."
- Economic Use the graph below and the following information to answer the next question. The world price of soybeans is five dollars per bushel and the importing country is small enough to not affect the real price. Suppose the government puts a tariff of one dollars per bushel on soybean imports how much revenue will the government raise from a one dollar per bushel tariff on soybean imports.The graph depicts the market for oil, with the assumption that the United States can import any amount of oil it chooses at the world free trade price. Adjust the graph to reflect what happens when a 50% import tax is imposed on oil. Approximately how many million barrels are imported before the tax is imposed?The following graph shows the market for wheat in the European Union (EU). The world price of wheat is $4.00 per bushel, so Sworld represents the world supply assuming that the EU cannot affect the world price of wheat. To support the agricultural sector, the EU guarantees a certain price for the farmers by imposing a variable levy of $4.00 per bushel to limit the import of wheat. On the graph, use the purple line (diamond symbol) to show the support price the farmers receive due to the variable $4.00 levy. Note: Select and drag the line segment from the palette to the graph. Then select a point on the line segment and drag it to its desired position. PRICE (Dollars per bushel) 20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0 DEU SEU SWorld 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 WHEAT (Bushels) Before the levy After the levy Support Price SWorld New Fill in the following table by entering the quantities for production, consumption, and imports of wheat in the EU…
- View picture Also On the graph, use the grey line (star symbol) to indicate the world price of jackets.Consider a hypothetical world consisting of only three countries: Hungary, Australia, and Italy. Each country produces grain. Hungary is a small economy compared to Australia and Italy and thus cannot influence foreign prices. On the following graph, the supply and demand schedules of Hungary are shown as Sun and Dun. Foreign supply schedules of grain are perfectly elastic: Australia is a more efficient supplier of grain than Italy because its supply price is $1.00 per bushel (SAus), whereas Italy's supply price is $2.00 per bushel (Sita). PRICE (Dollars) 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0 Hun S +T S₁ +T S S + 0 3 6 A Scenario Free trade With tariff With customs union m SHu 12 15 18 21 24 27 30 GRAIN (Thousands of bushels) Calculate the quantity of bushels Hungary imports when the three nations engage in free trade. Enter this value in the first row of the following table. Also indicate which country Hungary imports from. ? Imports (Thousands of bushels) Imports…ЕОC 10.05 Japan imports crayons into its country; they are a price taker in this market. Suppose the world price of crayons is $5. If Japan imposes a $1 tariff on crayons, what would be the domestic price of crayons and what will happen to the quantity bought? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The quantity bought will increase and the price will be $6. b The quantity bought will fall and the price will be $6. The quantity bought will fall and the price will be $4. d. The quantity bought will increase and the price will be $4.