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The following graph shows the domestic supply of and demand for soybeans in Zambia. Zambia is open to international trade of soybeans without any restrictions. The world price (Pw) of soybeans is $550 per ton and is represented by the horizontal black line. Throughout this problem, assume that the amount demanded by any one country does not affect the world price of soybeans and that there are no transportation or transaction costs associated with international trade in soybeans. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per ton) 1000 950 900 850 800 750 700 650 600 550 500 Supply X Demand P W I I 0 40 80 120 160 200 240 280 320 360 400 QUANTITY (Thousands of tons of soybeans) Graph Input Tool Market for Soybeans in Zambia Price (Dollars per ton) Domestic Demand (Thousands of tons of soybeans) If Zambia is open to international trade of soybeans without any restrictions, it will import the full value for your answer, accounting for the horizontal axis units.) 900 80 Domestic Supply (Thousands of tons of soybeans) (? 320 tons of soybeans. (Note: Be sure to enter Suppose the Zambian government wants to reduce imports to exactly 80,000 tons of soybeans to help domestic producers. A tariff of $ ton will achieve this. per

The following graph shows the domestic supply of and demand for soybeans in Zambia. Zambia is open to international trade of soybeans without any restrictions. The world price (Pw) of soybeans is $550 per ton and is represented by the horizontal black line. Throughout this problem, assume that the amount demanded by any one country does not affect the world price of soybeans and that there are no transportation or transaction costs associated with international trade in soybeans. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per ton) 1000 950 900 850 800 750 700 650 600 550 500 Supply X Demand P W I I 0 40 80 120 160 200 240 280 320 360 400 QUANTITY (Thousands of tons of soybeans) Graph Input Tool Market for Soybeans in Zambia Price (Dollars per ton) Domestic Demand (Thousands of tons of soybeans) If Zambia is open to international trade of soybeans without any restrictions, it will import the full value for your answer, accounting for the horizontal axis units.) 900 80 Domestic Supply (Thousands of tons of soybeans) (? 320 tons of soybeans. (Note: Be sure to enter Suppose the Zambian government wants to reduce imports to exactly 80,000 tons of soybeans to help domestic producers. A tariff of $ ton will achieve this. per

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter9: Application: International Trade
Section: Chapter Questions
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The following graph shows the domestic supply of and demand for soybeans in Zambia. Zambia is open to international trade of soybeans without any restrictions. The world price (Pw) of soybeans is $550 per ton and is represented by the horizontal black line. Throughout this problem, assume that the amount demanded by any one country does not affect the world price of soybeans and that there are no transportation or transaction costs associated with international trade in soybeans. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per ton) 1000 950 900 850 800 750 700 650 600 550 500 X ++. 1 Supply Demand Pw W I 0 40 80 120 160 200 240 280 320 360 400 QUANTITY (Thousands of tons of soybeans) A tariff set at this level would raise $ Graph Input Tool Market for Soybeans in Zambia Price (Dollars per ton) Domestic Demand (Thousands of tons of soybeans) If Zambia is open to international trade of soybeans without any restrictions, it will import the full value for your answer, accounting for the horizontal axis units.) 900 80 in revenue for the Zambian government. Domestic Supply (Thousands of tons of soybeans) (?) 320 Suppose the Zambian government wants to reduce imports to exactly 80,000 tons of soybeans to help domestic producers. A tariff of $ ton will achieve this. tons of soybeans. (Note: Be sure to enter per
Transcribed Image Text:The following graph shows the domestic supply of and demand for soybeans in Zambia. Zambia is open to international trade of soybeans without any restrictions. The world price (Pw) of soybeans is $550 per ton and is represented by the horizontal black line. Throughout this problem, assume that the amount demanded by any one country does not affect the world price of soybeans and that there are no transportation or transaction costs associated with international trade in soybeans. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per ton) 1000 950 900 850 800 750 700 650 600 550 500 X ++. 1 Supply Demand Pw W I 0 40 80 120 160 200 240 280 320 360 400 QUANTITY (Thousands of tons of soybeans) A tariff set at this level would raise $ Graph Input Tool Market for Soybeans in Zambia Price (Dollars per ton) Domestic Demand (Thousands of tons of soybeans) If Zambia is open to international trade of soybeans without any restrictions, it will import the full value for your answer, accounting for the horizontal axis units.) 900 80 in revenue for the Zambian government. Domestic Supply (Thousands of tons of soybeans) (?) 320 Suppose the Zambian government wants to reduce imports to exactly 80,000 tons of soybeans to help domestic producers. A tariff of $ ton will achieve this. tons of soybeans. (Note: Be sure to enter per
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