20. The accompanying table shows the U.S. domestic demand schedule and domestic supply schedule for oranges. Suppose
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20. The accompanying table shows the U.S. domestic demand schedule and domestic supply schedule for oranges. Suppose that the world price of oranges is $0.30 per orange.
Price of orange Quantity of oranges demanded
(thousands)
Quantity of oranges supplied
(thousands)
$1.00 2 11 0.90 4 10 0.80 6 9 0.70 8 8 0.60 10 7 0.50 12 6 0.40 14 5 0.30 16 4 0.20 18 3
a. Draw the U.S. domestic supply curve and domestic demand curve.
b. With free trade, how many oranges will the United States import or export?
Suppose that the U.S. government imposes a tariff on oranges of $0.20 per orange.
c. How many oranges will the United States import or export after introduction of the tariff?
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