The graph demonstrates the domestic demand and supply for a good, as well as the world price for that good. P A 17 B 14 BE C D 10 H S FG -World Price D 60 115 150 Q If this country is an autarky, what amount of the good is produced and sold domestically? Multiple Choice О 60
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- Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2 There is now also another country, Foreign, with a labor force of 800. Foreign’s unit labor requirement in apple production is 5, while in banana production it is 1. Now suppose world relative demand takes the following form: Demand for apples/demand for bananas = price of bananas/price of apples. Graph the relative demand curve along with the relative supply curve. What is the equilibrium relative price of apples? Describe the pattern of trade. Show that both Home and Foreign gain from trade.Consider the trade war that initiated the protests led by Bove. The EU instituted restrictions on the import of hormone treated beef because it was feared that the product might lead to health problems. The WTO stated that the restrictions were prohibited under WTO agreements and ordered the EU to lift the restrictions or face retaliatory measures. In your opinion, did the WTO act appropriately? Should a government be permitted to make decisions as to what products are or are not available to consumers? What do you think would have happened if the WTO had ruled in favor of the EU?home cheese alc=1hr/kg wine alw=2hrs/gallon foreign cheese alc*=6hrs/kg wine alw*=3hrs/gallon Calculate the Home country's opportunity cost of producing cheese. In which product does the Home (Foreign* ) country has an absolute advantage? Show in which product does the Home (Foreign* ) country has comparative advantage? Calculate the relative supply (RS) With trade, what is the equilibrium range that the relative price of cheese to wine will settle? Supposing that the intersection of RS and RD occurs at PC /PW = 1, what is the implication?
- Now suppose other countries produce cassava and Côte d'Ivoire can import cassava at the world price (Pw) which is lower than the autarky (e. economic independence or self-sufficiency) price (Pa). Figure 2 below depicts the demand and supply curves for cassava in Côte d'Ivoire with imports. Quantity is represented on horizontal axis and price is on the vertical axis. Carefully examine Figure 2 and answer questions 8-11 that follow: Note: Qa is the Autarky quantity, Qs is the quantity of cassava supplied by producers in Côte d'Ivoire, and Qd is the quantity of cassava demanded by consumers in Côte d'Ivoire after import Figure 2: Demand and Supply of Cassava in Côte d'Ivoire with Imports Price ($) Pa Oa 9b OC Od OF or Pw 0 a Qs U d la la D₂ Quantity (kg) Question 8: Using the letters (i.e. a, b, c, d, e, f) from Figure 2, which area represents the producer surplus if Côte d'ivoire imports cassava at the world price (Pw)? Select all that apply.Please see attachment and show your work . What are the steps and answer with explanation? Please examine the market for AC units below. In this market, the Home nation has imposed a quota limiting the number of AC units that foreign nations are allowed to export into the Home economy. If the home nation increased the level of the quota (theerby allowing more AC units to be imported into the Home economy), then we would expect ___________ to increase in the home economy. 1. consumer surplus 2. producer surplus 3. quota revenue 4. deadweight lossa) What is a tariff ? Does a tariff have a result from an import quota? b) Suppose a tariff allowed an industry to create 200,000 jobs paying an average of $22,500 per year. Before the tariff consumers bought 3 billion units (60% imported) at a price of $30. After the tariff they bought 2.75 billion units (none imported) at a price of $36. How much did total consumer spending on the good increase and how much per new job? c) True or False and explain: Free trade allows countries to specialize in producing those goods in which they have the comparative advantage, which in turn, results in increased world production and income.
- There are two countries Home and Foreign. Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2. Foreign has a labor force of 800. Foreign's unit labor requirement in apple production is 5, while in banana production it is 1. Suppose world relative demand takes the following form: Demand for apples/demand for bananas = price of bananas/price of apples. 1.) Using the 3-point curved line drawing tool, draw the relative demand curve on the graph to the right. Label the curve RD. Now suppose that instead of 1,200 workers, Home had 2,400. The relative supply curve (RS) would shift to the right (as shown by RS₁). 2.) Using the point drawing tool, indicate the new equilibrium relative price of apples. Label this point EQ. Carefully follow the instructions above and only draw the required objects. What can you say about the efficiency of world production and the division of…There are two countries Home and Foreign. Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2. Foreign has a labor force of 800. Foreign's unit labor requirement in apple production is 5, while in banana production it is 1. Suppose world relative demand takes the following form: Demand for apples/demand for bananas = price of bananas/price of apples a-b. On the graph to the right: 1.) Using the 3-point curved line drawing tool, draw the relative demand curve. Label the curve RD. 2) Using the point drawing tool, indicate the equilibrium relative price of apples. Label this point EQ. Carefully follow the instructions above and only draw the required objects. 2 Relative price of apples Pa/Pb 0 035 0.75 05 Relative quantity of apples RSThe nation of Bermuda is “small” and assumed to be unable to affect world prices. It importsstrawberries at the price of 10 dollars per box. The Domestic Supply and Domestic Demand curvesfor boxes are:S = 60 + 20PD = 1160 − 15P(a) Assume Bermuda is Completely open to trade. What is the equilibrium price and quantityconsumed?
- Suppose there are two countries Peru and Japan that produces 7,523 units ofFood or 17,853 units of Fuel using a labour force of 8000. Japan can produce 5,733 units of Food or 24,156 units of Fuel using a labour force of 5,000. d) Which country has the comparative advantage in food? In fuel? Explain. e) Which good(s) should each country specialized in?There are two countries Home and Foreign. Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2. Foreign has a labor force of 800, Foreign's unit labor requirement in apple production is 5, while in banana production it is 1. Suppose world relative demand takes the following form. Demand for apples/demand for bananas price of bananas/price of apples 1.) Using the 3-point curved line drawing tool, draw the relative demand curve on the graph to the night. Label the curve RD. Now suppose that instead of 1.200 workers, Home had 2,400. The relative supply curve (RS) would shift to the right (as shown by RS,) 2) Using the point drawing tool, indicate the new equilibrium relative price of apples, Label this point EQ. Carefully follow the instructions above and only draw the required objects. What can you say about the efficiency of world production and the division of the…The following figure illustrates the tomato market for Mexico, assumed to be a "small" country that is unable t to affect the world price. Suppose the world price of tomato is given and constant at $100 per ton. SM is the domestic supply and DM is the domestic demand for Mexico. Now suppose the Mexican government provides production subsidy of $200 per ton to its tomato producers. SM (with subsidy) is Mexico's supply schedule with production subsidy. Price ($) 800 300 100 0 2 8 SM 20 SM (with subsidy) World price DM Tons of Tomatoes Refer to the figure above. As a result of the production subsidy, the deadweight loss to Mexico equals [Select]