Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i want solutions of this qiestion. Refer to the information in the following table and answer the questions 15 to 18. 8 marks Quantity demanded

i want solutions of this qiestion.

image text in transcribed
Refer to the information in the following table and answer the questions 15 to 18. 8 marks Quantity demanded Price Quantity supplied domestically domestically 15000 $ 20 20000 17500 17 17500 20000 14 15000 22500 11 12500 25000 8 10000 15 If the market were closed to the international trade, the revenue earned by the domestic producers will be:..... 16 If the market was open to international trade and the world price was $11, total revenue of the international trade will be:..... 17 Assume world price $14 includes a tariffof $3 per product. Net revenue of the foreign suppliers after tariff will be:..... 18 At the world price $11 which includes tariff of $3 per product, quota of 10000 imported items will enable the government to get $30000 as tariff revenue if tariff duty is abolished. Do you agree? Why

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Accounting

Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson

12th edition

978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985

More Books

Students also viewed these Economics questions