Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Quantity Supplied (before tarief) Quantity supplied (after tariff) Price($) 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 Quantity Demanded 170 150 130 110 50 70 50 30 50 70 90 110 130 150 178 190 a) The present equilibrium price is $ 16000 and quantity is 110 b) Suppose that the Canadian government imposes a $2,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. c) The new equilibrium price is $ 18000 and quantity is d) The total revenue received by the government will be $ thousand. 90 thousand. 40 million.

Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Quantity Supplied (before tarief) Quantity supplied (after tariff) Price($) 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 Quantity Demanded 170 150 130 110 50 70 50 30 50 70 90 110 130 150 178 190 a) The present equilibrium price is $ 16000 and quantity is 110 b) Suppose that the Canadian government imposes a $2,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. c) The new equilibrium price is $ 18000 and quantity is d) The total revenue received by the government will be $ thousand. 90 thousand. 40 million.

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter3: Demand, Supply, And The Market Proces

Section: Chapter Questions

Problem 1CQ

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