Homework Help Question & Answers

EOC 16.29 Now assume that the quota is set at a level higher than the current...

EOC 16.29 Now assume that the quota is set at a level higher than the current level of imports. The resulting equilibrium price paid by consumers in the imported softwood lumber market will O ARise Fall O CNot change O D May rise or fallEOC 16.27 Once again assuming that the quota is set at a level lower than the current level of imports, the resulting equilibrium price received by the producer in the imported Canadian softwood lumber market wil Rise O B Fall C Not change O D Cannot be determinedEOC 16.22 If the price of tomatoes in the U.S. changes, what will happen? O AThe price will change by more than $.50 O B The price will change by less than $.50 The price will change by $.50 O D The price will stay the sameEOC16.18 Now suppose trade is opened between the two countries. What will be the equilibrium price in the world market for computers? Price per in 1000s $1 $2 $3 $4 $5 $6 Quantity Computer Demanded Supplied Quantity U.S 30 35 40 45 50 Ouatity Quantity Demanded Supplied U.S. Japan 50 40 30 20 10 Japan 90 80 70 60 50 40 50 60 65 70 75$1 0 в $2

EOC 16.29 Now assume that the quota is set at a level higher than the current level of imports. The resulting equilibrium price paid by consumers in the imported softwood lumber market will O ARise Fall O CNot change O D May rise or fall
EOC 16.27 Once again assuming that the quota is set at a level lower than the current level of imports, the resulting equilibrium price received by the producer in the imported Canadian softwood lumber market wil Rise O B Fall C Not change O D Cannot be determined
EOC 16.22 If the price of tomatoes in the U.S. changes, what will happen? O AThe price will change by more than $.50 O B The price will change by less than $.50 The price will change by $.50 O D The price will stay the same
EOC16.18 Now suppose trade is opened between the two countries. What will be the equilibrium price in the world market for computers? Price per in 1000s $1 $2 $3 $4 $5 $6 Quantity Computer Demanded Supplied Quantity U.S 30 35 40 45 50 Ouatity Quantity Demanded Supplied U.S. Japan 50 40 30 20 10 Japan 90 80 70 60 50 40 50 60 65 70 75
$1 0 в $2
0 0
Add a comment
Answer #1

1. Now assume the quota is set at a level higher than the current level of imports .The resulting equilibrium price paid by consumers in the imported softwood lumber market will fall.Because as the level of imports increases , now the consumers would pay less price .Hence, option(B) is correct.

2. Once again assumed that quota is set at a level lower than the current level of imports, the resulting equilibrium price received by the producer in the imported Canadian softwood lumber market will rise. Because as the level of imports fall, price rises. Hence,option(A) is correct.

3. The equilibrium price in the world market is at which import of U.S equals to export from Japan. At price of $3, U.S imports = (70-40)= 30 and Japan exports = (60-30)=30 . So, world equilibrium price=$3 . Hence,option(C) is correct.

Add a comment
Know the answer?
Add Answer to:
EOC 16.29 Now assume that the quota is set at a level higher than the current...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coin

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • area 3 Hopefully, you understood the material on Consumer Surplus (CS) and Producer Surplus (PS) Now...

    area 3 Hopefully, you understood the material on Consumer Surplus (CS) and Producer Surplus (PS) Now let's use those concepts to quantify the economic Consequences of imposing an Import tariff price of mangos 1 Assume the graphs represent the domestic market of mangos. Determine the following: competitive market equilibrium price would = domestic market supply curve of mangos competitive equilibrium quantity of magos =_ $3/lb. 2. Now assume the world market equilibrium price of mangos = $1.50/lb. and domestic producers...

  • A news story from 2017 about the oil market stated, "crude oil prices fell... in part...

    A news story from 2017 about the oil market stated, "crude oil prices fell... in part [due to] renewed concems about the global supply glut. Source: Paul Ebeling, "Crude Oil Prices Falling, Traders Worry About Global Supply Glut," livetradingnews.com, March 27, 2017. a. In referring to a "global glut," the article describes the result of a significant O A. increase in supply of, relative to the demand for, crude oil O B. increase in demand for, and the supply of,...

  • Quotas - Welfare Analysis Exercise 1 The graphs below show the market for apricots in the...

    Quotas - Welfare Analysis Exercise 1 The graphs below show the market for apricots in the United States, a nation that is open to international trade but is assumed to be a price taker unable to affect the world price of apricots. a. In the graph below, identify the areas that represent the consumer surplus (CS) and producer surplus (PS) with international trade. Instructions: Use the tools provided 'CS' and 'PS' to illustrate these areas on the graph. Market for...

  • help with mc 6-10 please 6) When government intervenes in a competitive market by imposing an...

    help with mc 6-10 please 6) When government intervenes in a competitive market by imposing an effective price ceiling, we would expect the quantity supplied to and the quantity demanded to 6) A) fall; rise B) fall;fall C) rise; fall D) rise, rise 7) Producer surplus is measured as the 7) A) entire area under the supply curve. B) area above the supply curve up to the market price. C) area under the demand curve above the supply curve. D)...

  • Question 5 If a market is in equilibrium, then all demanders receive the goods they want,...

    Question 5 If a market is in equilibrium, then all demanders receive the goods they want, and all suppliers sell the goods they want O demand curves and supply curves are the same at the equilibrium price, quantity demanded is equal to quantity supplied Question 6 If excess demand exists in a market, then the quantity demanded is higher than the quantity supplied and price falls the quantity demanded is higher than the quantity supplied and price rises the quantity...

  • 22.       Why is the multiplier for a change in taxes smaller than for a change in spendi...

    22.       Why is the multiplier for a change in taxes smaller than for a change in spending? a. A change in taxes has no effect on aggregate demand, only on aggregate supply.             b. A change in taxes directly affects government spending as well, lowering the multiplier.             c. A change in taxes affects spending directly, but at a slower rate than spending does.             d. A change in taxes affects disposable income and then consumption rather than spending directly....

  • A news story from 2017 about the oil market​ stated, "crude oil prices fell ... in...

    A news story from 2017 about the oil market​ stated, "crude oil prices fell ... in part​ [due to] renewed concerns about the global supply​ glut." ​Source: Paul​ Ebeling, "Crude Oil Prices​ Falling, Traders Worry About Global Supply​ Glut," livetradingnews.com, March​ 27, 2017. a. In referring to a​ "global glut," the article describes the result of a significant A. increase in demand​ for, and the supply​ of, crude oil.   B. increase in demand​ for, relative to the supply​ of, crude...

  • Costs which do not change with the level of output Costs which change with the level...

    Costs which do not change with the level of output Costs which change with the level of output The change in total costs resulting from an increase in output by one unit [Escoger ] [Escoger) Linear Cost Function Surplus Variable cost Marginal cost Equilibrium Shortage Least Square Line Demand Function Fixed cost Profit Break-even point Loss Correlation Coefficient Function showing the quantities of a particular good demanded at a range of price When the quantity supplied of a good is...

  • Refer to Figure 6.4. Suppose that the current price is set at B and Q2 units...

    Refer to Figure 6.4. Suppose that the current price is set at B and Q2 units of a good are traded. Which of the following statements is incorrect? Price Supply curve A O A. Total surplus would decrease should the price fall. O B. Total surplus would increase should the price rise. O C. The quantity demanded equals the quantity supplied. O D. The current market transaction is efficient Demand curve Quantity Figure 6.4

  • Suppose we have the following market supply and demand schedules for bicycles: 1.1. Plot the supply curve and the de...

    Suppose we have the following market supply and demand schedules for bicycles: 1.1. Plot the supply curve and the demand curve for bicycles. 1.2. What is the equilibrium price of bicycles? 1.3. What is the equilibrium quantity of bicycles? 1.4. If the price of bicycles were $100. Is there a surplus or a shortage? How many units of surplus or shortage are there? Will this cause the price to rise or fall? 1.5. Ifthepriceofbicycleswere$400, is there a surplus or a...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.