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Using the information of production and consumption of masks in the U.S. on Table 1 on page 5, compute a quantity of masks traded at each of seven relative prices of masks. Fill your answers in the sixth column on the table. [You do not need to show your computation works.] Using the information of production and consumption of masks in China on Table 2 on page 5, compute a quantity of masks traded at each of seven relative prices of masks. Fill your answers in the sixth column on the table. [You do not need to show your computation works.] Note: A quantity of masks traded is an excess demand (shortage) or an excess supply (surplus) of masks at each relative price of masks. All quantities traded (either imports or exports) should be positive numbers. Draw the import-demand curve of masks of the U.S. (mark as MDUS) and the export-supply curve of masks of China (mark as XSChins) on the same diagram. Note: On the diagram of import-demand and export-supply of masks, the vertical axis measures a relative price of masks and the horizontal axis measures quantities of masks traded. Make sure to plot seven points first, then connect them by smooth curved line for each country. Indicate an equilibrium on the diagram (mark as E). How much is an equilibrium relative price of masks traded in the world? How much is an equilibrium quantity of masks traded in the world? Note: Your diagram should look like Figure 9-3 on page 218 in "Chapter 9: The Instruments of Trade Policy" of your tetbook

Using the information of production and consumption of masks in the U.S. on Table 1 on page 5, compute a quantity of masks traded at each of seven relative prices of masks. Fill your answers in the sixth column on the table. [You do not need to show your computation works.] Using the information of production and consumption of masks in China on Table 2 on page 5, compute a quantity of masks traded at each of seven relative prices of masks. Fill your answers in the sixth column on the table. [You do not need to show your computation works.] Note: A quantity of masks traded is an excess demand (shortage) or an excess supply (surplus) of masks at each relative price of masks. All quantities traded (either imports or exports) should be positive numbers. Draw the import-demand curve of masks of the U.S. (mark as MDUS) and the export-supply curve of masks of China (mark as XSChins) on the same diagram. Note: On the diagram of import-demand and export-supply of masks, the vertical axis measures a relative price of masks and the horizontal axis measures quantities of masks traded. Make sure to plot seven points first, then connect them by smooth curved line for each country. Indicate an equilibrium on the diagram (mark as E). How much is an equilibrium relative price of masks traded in the world? How much is an equilibrium quantity of masks traded in the world? Note: Your diagram should look like Figure 9-3 on page 218 in "Chapter 9: The Instruments of Trade Policy" of your tetbook

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains Rrom Trade
Section: Chapter Questions
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Table 1: Production and Consumption in The U.S. Relative Price Production of Mask (Pma/Pyccine) Production Consumption Consumption Quantity of Mask Traded Quantity of Vaccines of of of of Mask Vaccine Mask Vaccine Traded 4 1400 1200 1400 1200 3. 1200 2200 1600 1000 1000 2800 2000 800 3/2 800 3000 2400 600 400 3200 3200 400 2/3 200 3400 5000 200 1/2 3600 7200 Table 2: Production and Consumption in China Relative Price of Mask (P/Pei) Production Consumption of Quantity of Mask Traded Production Consumption of Mask Quantity of Vaccines Traded of of Mask Vaccine Vaccine 2500 300 8800 3. 2400 200 400 6200 2300 400 500 4000 3/2 2200 600 600 3000 1 2000 800 900 1900 2/3 1900 1000 1300 1400 1/2 1600 1200 1600 1200 4. 2.
Transcribed Image Text:Table 1: Production and Consumption in The U.S. Relative Price Production of Mask (Pma/Pyccine) Production Consumption Consumption Quantity of Mask Traded Quantity of Vaccines of of of of Mask Vaccine Mask Vaccine Traded 4 1400 1200 1400 1200 3. 1200 2200 1600 1000 1000 2800 2000 800 3/2 800 3000 2400 600 400 3200 3200 400 2/3 200 3400 5000 200 1/2 3600 7200 Table 2: Production and Consumption in China Relative Price of Mask (P/Pei) Production Consumption of Quantity of Mask Traded Production Consumption of Mask Quantity of Vaccines Traded of of Mask Vaccine Vaccine 2500 300 8800 3. 2400 200 400 6200 2300 400 500 4000 3/2 2200 600 600 3000 1 2000 800 900 1900 2/3 1900 1000 1300 1400 1/2 1600 1200 1600 1200 4. 2.
a. Partial Equilibrium i Using the information of production and consumption of masks in the U.S. on Table 1 on page 5, compute a quantity of masks traded at each of seven relative prices of masks. Fill your answers in the sixth column on the table. [You do not need to show your computation works.] Using the information of production and consumption of masks in China on Table 2 on page 5, compute a quantity of masks traded at each of seven relative prices of masks. Fill your answers in the sixth column on the table. [You do not need to show your computation works.] Note: A quantity of masks traded is an excess demand (shortage) or an excess supply (surplus) of masks at each relative price of masks. All quantities traded (either imports or exports) should be positive numbers. Draw the import-demand curve of masks of the U.S. (mark as MDus) and the export-supply curve of masks of China (mark as XSChias) on the same diagram. Note: On the diagram of import-demand and export-supply of masks, the vertical axis measures a relative price of masks and the horizontal axis measures quantities of masks traded. Make sure to plot seven points first, then connect them by smooth curved line for each country. Indicate an equilibrium on the diagram (mark as E). How much is an equilibrium relative price of masks traded in the world? How much iş an equilibrium quantity of masks traded in the world? Note: Your diagram should look like Figure 9-3 on page 218 in "Chapter 9: The Instruments of Trade Policy" of your textbook.
Transcribed Image Text:a. Partial Equilibrium i Using the information of production and consumption of masks in the U.S. on Table 1 on page 5, compute a quantity of masks traded at each of seven relative prices of masks. Fill your answers in the sixth column on the table. [You do not need to show your computation works.] Using the information of production and consumption of masks in China on Table 2 on page 5, compute a quantity of masks traded at each of seven relative prices of masks. Fill your answers in the sixth column on the table. [You do not need to show your computation works.] Note: A quantity of masks traded is an excess demand (shortage) or an excess supply (surplus) of masks at each relative price of masks. All quantities traded (either imports or exports) should be positive numbers. Draw the import-demand curve of masks of the U.S. (mark as MDus) and the export-supply curve of masks of China (mark as XSChias) on the same diagram. Note: On the diagram of import-demand and export-supply of masks, the vertical axis measures a relative price of masks and the horizontal axis measures quantities of masks traded. Make sure to plot seven points first, then connect them by smooth curved line for each country. Indicate an equilibrium on the diagram (mark as E). How much is an equilibrium relative price of masks traded in the world? How much iş an equilibrium quantity of masks traded in the world? Note: Your diagram should look like Figure 9-3 on page 218 in "Chapter 9: The Instruments of Trade Policy" of your textbook.
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