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14. Use the market below to answer the following questions and assume that it is open to international trade. $850 Sus $425 $350 Sworld $250 Dus 50 70 85 100 120 a) If the government set an import quota of 30 units, what would be the prevailing price in the market? ($ type your answer. b) What size tariff would the government need to implement to prevent international trade from occurring? ($ type your answer.

14. Use the market below to answer the following questions and assume that it is open to international trade. $850 Sus $425 $350 Sworld $250 Dus 50 70 85 100 120 a) If the government set an import quota of 30 units, what would be the prevailing price in the market? ($ type your answer. b) What size tariff would the government need to implement to prevent international trade from occurring? ($ type your answer.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 6SCQ: A tariff is a tax on imported goods. Suppose the U.S. government cuts the tariff on imported flat...
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14. Use the market below to answer the following questions and assume that it is open to international trade. $850 Sus $425 $350 Sworld $250 Dus 50 70 85 100 120 a) If the government set an import quota of 30 units, what would be the prevailing price in the market? ($ type your answer. b) What size tariff would the government need to implement to prevent international trade from occurring? ($ type your answer.
Transcribed Image Text:14. Use the market below to answer the following questions and assume that it is open to international trade. $850 Sus $425 $350 Sworld $250 Dus 50 70 85 100 120 a) If the government set an import quota of 30 units, what would be the prevailing price in the market? ($ type your answer. b) What size tariff would the government need to implement to prevent international trade from occurring? ($ type your answer.
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