Question

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Ans: If Venezuela is open to international trade in soybeans without any restriction , it will import 320 tons of soybeans.

Ans: Suppose the Venezuelan government wants to reduce imports to exactly 160 tons of soybeans to help domestic producers. A tariff of \$70 per ton will achieve this.

Explanation:

World price = \$545

After imposition of tariff of \$70 per ton , the new price will be ; \$545 + \$70 = \$615

At the new price ( \$615 ) , total import quantity = 280 - 120 = 160 tons

Ans: A tariff set at this level would raise \$11200 in revenue for the Venezuelan government.

Explanation:

Total revenue raised from tariff = Tariff per ton * Total imported quantities

= \$70 * 160

=\$11200

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