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Author Question: -5 Refer to Figure 7-5.Fenwick currently both produces and imports pistachios. The ... (Read 135 times)

APUS57

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on: Mar 16, 2019

Figure 7-5











Refer to Figure 7-5. Fenwick currently both produces and imports pistachios. The government of Fenwick decides to restrict international trade in pistachios by imposing a quota that allows imports of only 5 million pounds each year. Figure 7-5 shows the estimated demand and supply curves for pistachios in Fenwick and the results of imposing the quota. Answer questions a-j using the figure.

a. If there is no quota what is the domestic price of pistachios and what is the quantity of pistachios demanded by consumers? 

b. If there is no quota how many pounds of pistachios would domestic producers supply and what quantity would be imported?

c. If there is no quota what is the dollar value of consumer surplus?

d. If there is no quota what is the dollar value of producer surplus received by producers in Fenwick?

e. If there is no quota what is the revenue received by foreign producers who supply pistachios to Fenwick?

f. With a quota in place what is the price that consumers of Fenwick must now pay and what is the quantity demanded?

g. With a quota in place what is the dollar value of consumer surplus? Are consumers better off?

h. With a quota in place what is the dollar value of producer surplus received by producers in Fenwick? Are domestic producers better off?

i. Calculate the revenue to foreign producers who are granted permission to sell in Fenwick after the imposition of the quota.

j. Calculate the deadweight loss as a result of the quota.

Macroeconomics ¦ Hubbard, O'Brien ¦ 6th Edition
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Marked as best answer by APUS57 on Mar 16, 2019

mjenn52

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Reply #1 on: Mar 16, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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APUS57

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Reply 2 on: Mar 16, 2019
YES! Correct, THANKS for helping me on my review

lkanara2

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Reply 3 on: Yesterday
Wow, this really help

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