Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 9, Problem 6PA
Subpart (a):
To determine
The impact of export tax on the economy.
Subpart (b):
To determine
The impact of export tax on the economy.
Subpart (c):
To determine
The impact of export tax on the economy.
Subpart (d):
To determine
The impact of export tax on the economy.
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China is a major producer of grains, such aswheat, corn, and rice. Some years ago, the Chinesegovernment, concerned that grain exports weredriving up food prices for domestic consumers,imposed a tax on grain exports.a. Draw the graph that describes the market for grainin an exporting country. Use this graph as thestarting point to answer the following questions.b. How does an export tax affect domestic grainprices?c. How does it affect the welfare of domesticconsumers, the welfare of domestic producers,and government revenue?d. What happens to total welfare in China, asmeasured by the sum of consumer surplus,producer surplus, and tax revenue?
Below is my question, also any tips on making it an excel graph?
The major BP oil spill in the Gulf of Mexico substantially reduced the harvest of shrimp and other seafood in the Gulf, but had limited impact on the prices that U.S. consumers paid in 2010 (Emmeline Zhao, “Impact on Seafood Prices Is Limited,", Wall Street Journal, June 20, 2010). The reason was that the United States imports about 83% of its seafood and only 2% of domestic supplies come from the Gulf.
Use a supply-and-demand diagram to illustrate what happened.
Consider a nation in which you could choose to live in one of two places:
1) By the sea2) Inside the mainland (away from the sea)
Let's say that in this economy, people really start preferring being near the sea, more than before. In the market for seaside properties, we'd expect to see _____________; in the market for mainland properties, we'd expect to see _________________.
demand fall; quantity demanded rise
demand fall; demand rise
demand rise; demand fall
demand rise; quantity demanded fall
Chapter 9 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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