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intermatlon [or Questions 1-3 The graph below shows the supply and demand for soybeans in a certain country. The world price of soybeans is $2.00
intermatlon [or Questions 1-3 The graph below shows the supply and demand for soybeans in a certain country. The world price of soybeans is $2.00 per bushel, and this importing country is small enough not to affect the world price. The government places a tariff of $0.25 per bushel on soybean imports. For all questions, enter a whole or decimal number, as appropriate. Enter 0 if the answer cannot be obtained with the information given. Only exact answer is accepted, so double check your calculations. Note that quantities are in millions, but don't enter the 6 zeros to make it into millions. So, if the answer were 13 million, enter 13, not 13000000. If the answer were $13 million, also enter 13 (that is, don't enter the dollar sign). $ 2.25 2.00 World price 60 70 130 140 Olmillions bushels 1. Starting from free trade, calculate by how much the tariff changes imports. Enter a positive number if the tariff increases imports, and a negative number if the tariff decreases imports. (Example: if imports go up by 33 units, enter 33; if imports go down by 45 units, enter -45.) 2. Calculate the revenue that the government raises from the tariff. 3. Calculate the change in consumer surplus when the tariff is levied. Enter a positive number if it is a gain in consumer surplus, and a negative number if it is a loss in consumer surplus. 4. Calculate the consumer surplus aer the tariff is levied
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