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Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Price($) 10,500 Quantity Demanded Quantity Supplied (before tariff) 200 80 11,000 180 100 11,500 160 120 12,000 140 140 12,500 120 160 13,000 100 180 13,500 80 200 14,000 60 220 and quantity is Quantity supplied (after tariff) a) The present equilibrium price is $1 thousand. b) Suppose that the Canadian government imposes a $3,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. c) The new equilibrium price is $ and quantity is thousand. d) The total revenue received by the government will be $ million. is e) Assume, instead, that the government imposes an import quota of 80,000 cars. The new equilibrium price is $ thousand. and quantity f) Does the government now receive any revenue? (Click to select)

Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Price($) 10,500 Quantity Demanded Quantity Supplied (before tariff) 200 80 11,000 180 100 11,500 160 120 12,000 140 140 12,500 120 160 13,000 100 180 13,500 80 200 14,000 60 220 and quantity is Quantity supplied (after tariff) a) The present equilibrium price is $1 thousand. b) Suppose that the Canadian government imposes a $3,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. c) The new equilibrium price is $ and quantity is thousand. d) The total revenue received by the government will be $ million. is e) Assume, instead, that the government imposes an import quota of 80,000 cars. The new equilibrium price is $ thousand. and quantity f) Does the government now receive any revenue? (Click to select)

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Price($) 10,500 Quantity Demanded Quantity Supplied (before tariff) 200 80 11,000 180 100 11,500 160 120 12,000 140 140 12,500 120 160 13,000 100 180 13,500 80 200 14,000 60 220 and quantity is Quantity supplied (after tariff) a) The present equilibrium price is $1 thousand. b) Suppose that the Canadian government imposes a $3,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. c) The new equilibrium price is $ and quantity is thousand. d) The total revenue received by the government will be $ million. is e) Assume, instead, that the government imposes an import quota of 80,000 cars. The new equilibrium price is $ thousand. and quantity f) Does the government now receive any revenue? (Click to select)
Transcribed Image Text:Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Price($) 10,500 Quantity Demanded Quantity Supplied (before tariff) 200 80 11,000 180 100 11,500 160 120 12,000 140 140 12,500 120 160 13,000 100 180 13,500 80 200 14,000 60 220 and quantity is Quantity supplied (after tariff) a) The present equilibrium price is $1 thousand. b) Suppose that the Canadian government imposes a $3,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. c) The new equilibrium price is $ and quantity is thousand. d) The total revenue received by the government will be $ million. is e) Assume, instead, that the government imposes an import quota of 80,000 cars. The new equilibrium price is $ thousand. and quantity f) Does the government now receive any revenue? (Click to select)
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