The answer is 7875 please show math and explain why The figure provided shows the U.S. domestic market for calculators.Price ofcalculators$454030world price with tariff20.... ...10worldprice5...50 100 200 300 400500600 700800 900Quantity of calculatorsIf the world price is $5 and an import quota of 300 is imposed, the loss to the United States is, innumerals, $

The equilibrium price and equilibrium quantity of a good sold in the market are determined by the…

The figure provided shows the U.S. domestic market for calculators. Price of calculators $45 40 30 world price with tariff 10 world price D. 50 100 200 300 400 500 600 700 800 900 Quantity of calculators If the world price is $5 and an import quota of 300 is imposed, the loss to the United States is, in numerals, $_ 20

The figure provided shows the U.S. domestic market for calculators. Price of calculators $45 40 30 world price with tariff 10 world price D. 50 100 200 300 400 500 600 700 800 900 Quantity of calculators If the world price is $5 and an import quota of 300 is imposed, the loss to the United States is, in numerals, $_ 20

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter28: International Trade

Section: Chapter Questions

Problem 11P

See similar textbooks

Similar questions

Consider two countries: South Korea and Taiwan. Taiwan can produce one million mobile phones per day at the cost of 10 per phone and South Korea can produce 50 million mobile phones at 5 per phone. Assume these phones are the same type and quality and there is only one price. What is the minimum price at which both countries will engage in trade?
Assume two countries, Thailand (T) and Japan (J), have one good: cameras. The demand (d) and supply (s) for cameras In Thailand and Japan is described by the following functions: QsT=-5+14P QsJ=-10+14P QdT=60-P QdJ=80-P P is the price measured in a common currency used in both countries, such as the Thai Baht. Compute the equilibrium price (P) and quantities in each country without trade. Now assume that free trade occurs. The free-trade price goes to 56.36 Baht. Who exports and Imports cameras and in what quantities?
Are the gains from international trade more likely to be relatively more important to large or small countries?
Do the rules of international trade require that all nations impose the same consumer safety standards?
The country of Pepperland exports steel to the Land of Submarines. Information for the quantity demanded (Qd) and quantity supplied (Qs) in each country, in a world without trade, are given in Table 34.6 and Table 34.7. What would be the equilibrium price and quantity in each country in a world without trade? How can you tell? What would be the equilibrium price and quantity in each country if trade is allowed to occur? How can you tell? Sketch two supply and demand diagrams, one for each country, in the situation before trade. On those diagrams, show the equilibrium price and the levels of exports and imports in the world after trade. If the Land of Submarines imposes an anti- dumping import quota of 30, explain in general terms whether it will benefit or injure consumers and producers in each country. Does your general answer change if the Land of Submarines imposes an import quota of 70?