Does the United States, with one of the world's highest levels of meat consumption, have a moral responsibility to cut its meat consumption to make more grain available for export to countries whose people get most of their food by direct consumption of grain?
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Does the United States, with one of the world's highest levels of meat consumption, have a moral responsibility to cut its meat consumption to make more grain available for export to countries whose people get most of their food by direct consumption of grain?
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- b. The United States currently imports all of its coffee. The annual demand for coffee by U.S. consumers is given by the demand curve Q = 250 – 10P, where Q is quantity (in millions of pounds) and P is the market price per pound of coffee. World producers can harvest and ship coffee to U.S. distributors at a constant marginal (= average) cost of $8 per pound. U.S. distributors can in turn distribute coffee for a constant $2 per pound. The U.S. coffee market is competitive. Congress is considering a tariff on coffee imports of $2 per pound. i. If there is no tariff, how much do consumers pay for a pound of coffee? What is the quantity demanded?ii. If the tariff is imposed, how much will consumers pay for a pound of coffee? What is the quantity demanded?Country A has a competitive domestic market of charcoal. The demand and supply of the domestic market are given by QD = 12– 3P QS = P Country A has access to the international market, in which the charcoal price is Pw = 1. The domestic market is small and cannot influence the international price. a) What will be the price at which charcoal is traded in the domestic market? What will be the quantity produced in country A and what quantity will be exported/imported? b)Calculate the producer surplus and consumer surplus in country A and illustrate them in a demand and supply graph. c) Suppose charcoal’s price increases to PW=4 in the international market. What are the quantity demanded and the quantity produced in country A? What quantity does country A export/import? d) How does the price increase (from Pw =1 to Pw =4) change the consumer surplus and producer surplus in country A? Explain the changes in no more than 2 sentences. e) When Pw =4, the government in country A decides to…The demand for cameras in a certain country is given by D = 8000 – 30P, where P is the price of acamera. Supply by domestic camera producers is S = 4000 + 10P. If this economy opens to tradewhile the world price of a camera is $50, and the government imposes a tariff of $30 per camera,what will be the quantity of cameras that this country imports or exports?
- The following graph shows the market for wheat in the European Union (EU). The world price of wheat is $4.00 per bushel, so Sworld represents the world supply assuming that the EU cannot affect the world price of wheat. To support the agricultural sector, the EU guarantees a certain price for the farmers by imposing a variable levy of $4.00 per bushel to limit the import of wheat. On the graph, use the purple line (diamond symbol) to show the support price the farmers receive due to the variable $4.00 levy. Note: Select and drag the line segment from the palette to the graph. Then select a point on the line segment and drag it to its desired position. PRICE (Dollars per bushel) 20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0 DEU SEU SWorld 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 WHEAT (Bushels) Before the levy After the levy Support Price SWorld New Fill in the following table by entering the quantities for production, consumption, and imports of wheat in the EU…Assume that all tablets are identical goods, and that the market is competitive. The demand for tablets from users in Europe is given by the demand curve Q = 300 - 2P; and the supply of tablets from European manufacturers is given by the supply curve Q = 20 + 8P; where the price P is measured in hundreds of euros and the quantities Q are measured in millions. The market for tablets in Europe is large enough to influence the world price. The export supply curve of foreign manufacturers selling in the European market is given by Q = 20P – 20. 1. What would be the price of a tablet in Europe if imports were banned? 2. If tablets can be imported freely into Europe: (a) What is the equilibrium price of tablets in the European market? (b) What are the quantities consumed, produced, and imported in the European market? (c) What are the resulting consumer, producer, and total social surpluses in Europe? 3. If the European Union imposes a tariff t (in hundreds of dollars) on each tablet…Suppose Colombia is open to free trade in the world market for soybeans. Because of Colombia’s small size, the demand for and supply of soybeans in Colombia do not affect the world price. The following graph shows the domestic soybeans market in Colombia. The world price of soybeans is PW=$400 per ton.
- Price 10 Price at which good sells = 7.25 Price at which good sells = 6 Marginal cost of producing amount traded = 4 Marginal cost of producing amount traded = 2.75 Price Price gap=t gap=t 4,000 6,000 Quantity Figure 18.3 The market for cars: Price gaps reflect trade costs. The exporter's supply curve The consumer's demand curve 15,000I asked this question in an earlier assignment; It was a bonus question about price floors and tariffs. I’m curious if your answers have changed. Would tariffs on imported wine be a price floor?The following graph shows the domestic demand for and supply of maize in Kenya. The world price (Pw) of maize is $260 per ton and is displayed as a horizontal black line. Throughout the question, assume that all countries under consideration are small, that is, the amount demanded by any one country does not affect the world price of maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. PRICE (Dollars per ton) 485 Domestic Demand Domestic Supply 460 435 410 385 360 335 P 310 285 260 PW 235 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Tons of maize) (?) If Kenya is open to international trade in maize without any restrictions, it will import tons of maize. Suppose the Kenyan government wants to reduce imports to exactly 20 tons of maize to help domestic producers. A tariff of $ achieve this. A tariff…
- Consider a small (home) country with the following inverse demand of: P = 200 − 3QD and inverse supplyof: P = 20 + QS for a barrel of oil. The world demand is perfectly horizontal with a price of: P^X = 100.Solve the following for the home country:A) Calculate the equilibrium price and quantityB) Calculate the consumer surplus, producer surplus (note the shape), and total surplusNow, suppose the home country opens up to free trade.C) Calculate the quantity supplied, quantity demanded, export quantity, and priceD) Calculate the consumer surplus, producer surplus, and total surplusNow, suppose the home country is open to free trade and provides an export subsidy of $15 per barrel of oil.E) Calculate the equilibrium price and quantityF) Calculate the consumer surplus, producer surplus, tax revenue, and total surplusG) Explain how the three outcomes: no trade, free trade, and trade with an export tariff, affect the homecountry (consumers, producers, and overall welfare)H) What changes if…The figure below depicts the domestic market for a particular good. The curve labeled S represents domestic supply. The curve labeled D represents domestic demand. The line labeled Pw is the world price of the good. If the figure does not show, you may view it by clicking the following link: Market with Trade PDF.pdf. Price 50 45 40 35 30 25 20 15 10 5 0 0 10 20 30 40 50 60 The quantity of domestic consumption is Assume that international trade HAS been established. The quantity of domestic production is The quantity of imports is The new value of consumer surplus is $ 70 The new value of producer surplus is $ The government revenue from the tariff is $ 80 units. 90 100 Quantity units. 110 units. Assume now that the home country has imposed a $10 tariff on imports of the good. 120 U₂₁ S Pw O 130 140 150 160 170 180 190 200The supply and demand for wheat in the small country Tinyland are: Qs = P and Qd = 400 – P, respectively. The world price of wheat is Pw = 100. a. Suppose the government imposes an import quota on wheat Q = 100. Find the price of wheat in Tinyland. Find the tariff per unit that generates the same volume of trade as the quota. Next suppose that instead of a quota or a tariff, the government levies a specific (per unit) consumption tax on wheat. Find the price of wheat in Tinyland when the tax is equal to the tariff you found in part ii and the quantity of wheat imported. NB: In contrast to a tariff, which is levied on all units produced abroad (imported), i. ii. a consumption tax is levied on all units sold in the domestic market regardless of where they were produced. b. Which of these three policies, i.e., quota, tariff, and consumption tax, do consumers and producers prefer? Give precise answers by evaluating the welfare of each group. Assuming that the government allocates quota…
