Business, 26.02.2020 02:21 timmonskids6027

Assume the nation of Australia is "small" and thus unable to influence world price. Its demand and supply schedules for TV sets are shown in Table 4.11. Using graph paper, plot the demand and supply schedules on the same graph. a. Determine Australia's market equilibrium for TV sets. i. What is the equilibrium price and quantity?ii. Calculate the value of Australian consumer surplus and producer surplus. b. Under free-trade conditions, suppose Australia imports TV sets at a price of $100 each. Determine the free-trade equilibrium and illustrate graphically. i. How many TV sets will be produced, consumed, and imported?ii. Calculate the dollar value of Australian consumer surplus and producer surplus. c. To protect its producers from foreign com- petition, suppose the Australian government levies a specific tariff of $100 on imported TV sets. i. Determine and show graphically the effects of the tariff on the price of TV sets in Australia, the quantity of TV sets supplied by Australian producers, the quantity of TV sets demanded by Australian consumers, and the volume of trade. ii. Calculate the reduction in Australian consumer surplus due to the tariff induced increase in the price of TV sets. iii. Calculate the value of the tariff's consumption, protective, redistributive, and revenue effects. iv. What is the amount of deadweight welfare loss imposed on the Australian economy by the tariff?

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 19:40

Which of the following actions is most likely to result in a decrease in the money supply? a. the required reserve ratio for banks is decreased. b. the discount rate on overnight loans is lowered. c. the federal reserve bank buys treasury bonds. d. the government sells a new batch of treasury bonds. 2b2t

Answers: 1

Answer

Business, 21.06.2019 23:30

You are frustrated to find that the only way to contact the customer service department is to make a phone call. the number listed would result in long distance charges to your phone bill. which issue should be addressed by the company to keep its crm in line with your expectations?

Answers: 2

Answer

Business, 22.06.2019 10:00

Frolic corporation has budgeted sales and production over the next quarter as follows. the company has 4100 units of product on hand at july 1. 10% of the next months sales in units should be on hand at the end of each month. october sales are expected to be 72000 units. budgeted sales for september would be: july august september sales in units 41,500 53,500 ? production in units 45,700 53,800 58,150

Answers: 3

Answer

Business, 22.06.2019 19:40

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.

Answers: 3

Answer

You know the right answer?

Assume the nation of Australia is "small" and thus unable to influence world price. Its demand and s...

Questions