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Homework (Ch 09) 0 Suppose Jordan is open to free trade in the world market for oranges. Because of Jordan's small size, the demand for and supply of oranges in Jordan do not affect the world price. The following graph shows the domestic oranges market in Jordan. The world price of oranges is PW = $800 per ton. 0n the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at the freetrade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS). _ 1230 Domestic Demand Domestic Supply 122,, h 1160 CS .1100 8-0 C .9 3-, 1040 PS D. E g 980 O 9 Lu 920 Q I! n- 860 800 740 0 25 50 75 100 125 150 175 200 225 250 nl IAMTITV [Tune of nmnnne\\ Homework (Ch 09) 0 PS 980 920 PRICE (Dollars per ton) 360 800 Q 740 0 25 50 75 100 125 150 175 200 225 250 QUANTITY (Tons of oranges) If Jordan allows international trade in the market for oranges, it will import tons of oranges. Now suppose the Jordanian government decides to impose a tariff of $120 on each imported ton of oranges. After the tariff, the price Jordanian consumers pay for a ton of oranges is $920 , and Jordan will import tons of oranges. Show the effects of the $120 tariff on the following graph. Use the black line (plus symbol) to indicate the world price plus the tariff. Then, use the green points (triangle symbols) to show the consumer surplus with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral (square symbols) to shade the area representing government revenue received from the tariff and the tan points (rectangle symbols) to shade the areas Homework (Ch 09) o with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral (square symbols) to shade the area representing government revenue received from the tariff and the tan points (rectangle symbols) to shade the areas representing deadweight loss (DWL) caused by the tariff. 1280 Domestic Demand Domestic Supply i World Price Plus Tariff ?' CS ? PS PRICE (Dollars per ton) I Government Revenue T 25 50 75 100 125 150 175 200 225 250 DWL QUANTITY (Tons of oranges) Homework (Ch 09) Lu 0 25 so 75 100 125 150 175 200 225 250 DWL QUANTITY (Tons of oranges) Government Revenue Complete the following table to summarize your results from the previous two graphs. Under Free Trade Under a Tariff (Dollars) (Dollars) Consumer Surplus I Producer Surplus I Government Revenue 0 Based on your analysis, as a result of the tariff, Jordan's consumer surplus by$ , producer surplus V by $ , and the government collects $ vof$ in revenue. Therefore, the net welfare effect is a Grade It Now Save & Continue Continue without saving