A semiconductor is a key component in your laptop, cell phone, and iPod. The table provides information about the market for semiconductors in the United States. Producers of semiconductors can get $18 a unit on the world market. PRICE ( DOLLAR PER UNIT) QUANTITY DEMANDED (billions of units per year) QUANTITY SUPPLIED (billions of unit per year) 10 25 0 12 20 20 14 15 40 16 10 60 18 5 80 20 0 100 Due to the loss of competitiveness brought on by appreciation of the exchange rate and the high production costs, U.S.government reduce the export(or limit the supply of domestic producers) by imposing an export quota of 20 billion units per year. What happens to U.S. price of semiconductors, the quantity of semiconductors bought by U.S. people, and the quantity of semiconductors exported? use the equation to calculate the equilibrium

A semiconductor is a key component in your laptop, cell phone, and iPod. The table provides information about the market for semiconductors in the United States. Producers of semiconductors can get $18 a unit on the world market. PRICE ( DOLLAR PER UNIT) QUANTITY DEMANDED (billions of units per year) QUANTITY SUPPLIED (billions of unit per year) 10 25 0 12 20 20 14 15 40 16 10 60 18 5 80 20 0 100 Due to the loss of competitiveness brought on by appreciation of the exchange rate and the high production costs, U.S.government reduce the export(or limit the supply of domestic producers) by imposing an export quota of 20 billion units per year. What happens to U.S. price of semiconductors, the quantity of semiconductors bought by U.S. people, and the quantity of semiconductors exported? use the equation to calculate the equilibrium

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 4.7P

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A semiconductor is a key component in your laptop, cell phone, and iPod. The table provides information about the market for semiconductors in the United States. Producers of semiconductors can get $18 a unit on the world market. Price (dollars per unit) Quantity demanded Quantity(billions of units per year) Quantity supplied(billions of units per year) 10 25 0 12 20 20 14 15 40 16 10 60 18 5 80 20 0 100 Draw a graph (graph is for your own reference, not required to be attached in the answer sheet) to illustrate the U.S. supply and demand market for semiconductors. What is the price with free international trade? What is the quantity of semiconductors produced in U.S. and total quantity bought by U.S. people and the quantity exported from other countries? (3 marks) Due to loss of competitiveness brought on by appreciation of the exchange rate and the high production costs, U.S. government reduce the export (or limit the…
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QUESTION The Zambian soya market is growing rapidly with some exports being recorded. Soya beans are another type of beans which provides oil and vegetable protein more than many other plants. The growth in soya beans production and processing is mainly driven by the fast-growing poultry sector. The climate in Zambia is largely favourable for soya production and the arable land is vast enough to accommodate future expansion. The growth of this market made the Soybean Market in Zambia to be ranked 20th in 2020 from previous ranking of 37th. Given that the data in the demand and supply schedules below represents the market for Soybeans in Zambia; Price Quantity Supplied (packs) Quantity demanded (packs) K80 100 500 K90 150 450 Price Quantity Supplied (packs) Quantity demanded (packs) K100 250 400 K110 350 350 k120 450 300 REQUIRED What is the equilibrium price and quantity of Soybeans? What…
Country C imports 80,000 metric tons of steel from Country U and produces domestically 80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linear schedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and the price elasticity of domestic demand to be -0.25 in the current market equilibrium. Country C imposes an import duty of $150 per metric ton that caused the world price to fall by 10%. Summarise and analyse the quantity of steel produced, consumed and imported in Country C. Analyse and discuss the welfare gain from trade in Country C. Show your answers of the steel market with a proper diagram. Imports steel from Country U = 80,000 metric tons of steel Produce domestically = 80,000 metric tons per year Country C total steel consumption = 160,000 metric tons per year Price of steel per metric ton = $500
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PRICE ( DOLLAR PER UNIT)	QUANTITY DEMANDED (billions of units per year)	QUANTITY SUPPLIED (billions of unit per year)
10	25	0
12	20	20
14	15	40
16	10	60
18	5	80
20	0	100