Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

South Korea is one of the main beef importing countries. Without international trade, Korea’s equilibrium price for the beef was $10 million per kilo tonne and equilibrium quantity was 30 kilo tonne. When Korea opens its market to international trade with no tariff, domestic supply would be 10 kilo tonne and domestic demand would be 50 kilo tonne at the world price of $5 million per kilo tonne. Though, Korea presently imposes 40 % tariff rate on all imported beef. With 40 % tariff, Korea’s domestic supply and domestic demand are 20 kilo tonne and 40 kilo tonne correspondingly. Suppose that the intercept of supply curve is $3 million and demand curve is $15 million per kilo tonne.

Q1. Draw a graph to analyze the results of 40 % tariff rate in Korea on the price, domestic supply of and demand for beef, and compare the condition with no tariff case.

Q2. Use the graph to recognize and describe the gains and losses from trade with 40 % tariff rate, the tariff revenue and deadweight loss.

Q3. Compute the values of change in consumer surplus, producer surplus, tariff revenue and the quantity of deadweight loss. Show your computation.

Q4. Assume that Korea doesn’t impose tariff any more but rather imposes an import quota of 20 kilo tonne. Describe what happens to beef price, demand and supply, and the beef imports in Korea. As well, draw a graph to recognize and describe the gains and losses from the import quota and the importer’s profit and the deadweight loss.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M99310

Have any Question? 


Related Questions in Microeconomics

Assignmentquestion a daoism amp confucianism as fisher

Assignment Question A: DAOISM & CONFUCIANISM. As Fisher states in our textbook, "Individuals often harmonize the apparently opposite characteristics of Daoism and Confucianism in their own lives." In what specific ways m ...

Assignment1laura just opened a coffee shop in nyc named

Assignment 1. Laura just opened a coffee shop in NYC named Squirrel Coffee. Hoping to cater to the hipsters, she sells a special kind of cold brew infused with nitrogen, which she dubs ‘nitro coffee'. Assume for the purp ...

Description of assignmentreport paper basisstudents work

Description of Assignment: Report Paper basis. Students work together to research and profile a particular in Microeconomic policy: the property tax in the United States. Grading Criteria (What constitutes a good assignm ...

Economics assignment1 multiple product pricinganswer the

Economics Assignment 1. Multiple Product Pricing: Answer the following about the pricing of multiple products: a. Icarus Medical Supplies produces adhesives that are used to reassemble broken bones. Pindrop Medical Produ ...

Assignmentyou have been asked to assist your organizations

Assignment You have been asked to assist your organization's marketing department to better understand how consumers make economic decisions. Write a 1,050-word analysis that includes the following: • The impact the theo ...

Question 1the document that lists and details the contents

Question 1 The document that lists and details the contents and conditions of a shipment is called: A. The Tariff B. Proof of Delivery C. The Invoice D. The Bill of Lading Question 2 Declining transport rates as the quan ...

Assignmentselect and review an inspection report posted on

Assignment Select and review an inspection report posted on the OSHA website. The inspection reports can be searched by industry group or establishment name by accessing the reports through the OSHA's Statistics & Data P ...

You are an economic consultant and encounter a firm with

You are an economic consultant and encounter a firm with the following data: Quantity of Labor Fixed Costs Variable Costs Total Costs Quantity Marginal Costs 5 $150 20 6 $150 28 7 $150 34 8 $150 38 The wage rate is $8 pe ...

Exam set 1 amp 2set-11 which of the following statements is

Exam SET 1 & 2 SET-1 1. Which of the following statements is true about a downward-sloping demand curve that is a straight line? The slope and the elasticity are the same at all points. The slope remains the same, but el ...

Samsung smartphone manufacturer vs google inc search engine

Samsung (smartphone manufacturer) Vs. Google Inc. (search engine) - economic and financial analysis Objectives: • Assess and compare the market types of Google Inc.(as a search engine) and Samsung • Determine the various ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro