Question 10 Use the graph below to answer this question: What is the amount of imports...

Question

Question

business economics

Answer 1

Answer #1

World price=$3

when $3 tariff is imposed then price will be Pw+Tariff=3+3=6

At market price=6, quantity demanded=110 and quantity supplied=40

Thus Import=Excess demand at P=6=Qd-Qs=110-40=70

ans is B

Answer 2

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