Suppose country X imposes a tariff on imported shoes. The table below shows the import demand and export supply before and after the tariff. Quantities are in thousands. $$\begin{array} { | c | c | c | c | }
\hline \begin{array} { c }
\text { Quantity of } \
\text { Imports } \
\text { Demanded }
\end{array} & \begin{array} { c }
\text { Quantity of } \
\text { Exports } \
\text { Supplied }
\end{array} & \begin{array} { c }
\text { Quantity of } \
\text { Exports } \
\text { Supplied with } \
\text { Tariff }
\end{array} & \text { Price } \
\hline 200 & 40 & 0 & \
\hline 180 & 60 & 20 & 20 \
\hline 160 & 80 & 40 & 30 \
\hline 140 & 100 & 60 & 40 \
\hline 120 & 120 & 80 & 50 \
\hline 100 & 140 & 100 & 60 \
\hline 80 & 160 & 120 & 70 \
\hline 60 & 180 & 140 & 80 \
\hline
\end{array}$$ (A) What happens to the equilibriun price of shoes and the quantity imported after the tariff is imposed? Draw a Jraph to jllustrate your answar.
(B) Suppose the tariff is remcved and replaced writh a quuta that linits imports to ga,000 shaes. What happens to the price of shoes in cauntry X?
(C) When the guverment switched fram a tariff to a qquta, what happened to government reyenue?

Question

Suppose country X imposes a tariff on imported shoes. The table below shows the import demand and export supply before and after the tariff. Quantities are in thousands. $$\begin{array} { | c | c | c | c | } 
\hline \begin{array} { c } 
\text { Quantity of } \
\text { Imports } \
\text { Demanded }
\end{array} & \begin{array} { c } 
\text { Quantity of } \
\text { Exports } \
\text { Supplied }
\end{array} & \begin{array} { c } 
\text { Quantity of } \
\text { Exports } \
\text { Supplied with } \
\text { Tariff }
\end{array} & \text { Price } \
\hline 200 & 40 & 0 & \
\hline 180 & 60 & 20 & 20 \
\hline 160 & 80 & 40 & 30 \
\hline 140 & 100 & 60 & 40 \
\hline 120 & 120 & 80 & 50 \
\hline 100 & 140 & 100 & 60 \
\hline 80 & 160 & 120 & 70 \
\hline 60 & 180 & 140 & 80 \
\hline
\end{array}$$ (A) What happens to the equilibriun price of shoes and the quantity imported after the tariff is imposed? Draw a Jraph to jllustrate your answar.
(B) Suppose the tariff is remcved and replaced writh a quuta that linits imports to ga,000 shaes. What happens to the price of shoes in cauntry X?
(C) When the guverment switched fram a tariff to a qquta, what happened to government reyenue?

Quizplus · Accepted Answer

The Answer of Suppose country X imposes a tariff on imported shoes. The table below shows the import demand and export supply before and after the tariff. Quantities are in thousands. $$\begin{array} { | c | c | c | c | } 
\hline \begin{array} { c } 
\text { Quantity of } \
\text { Imports } \
\text { Demanded }
\end{array} & \begin{array} { c } 
\text { Quantity of } \
\text { Exports } \
\text { Supplied }
\end{array} & \begin{array} { c } 
\text { Quantity of } \
\text { Exports } \
\text { Supplied with } \
\text { Tariff }
\end{array} & \text { Price } \
\hline 200 & 40 & 0 & \
\hline 180 & 60 & 20 & 20 \
\hline 160 & 80 & 40 & 30 \
\hline 140 & 100 & 60 & 40 \
\hline 120 & 120 & 80 & 50 \
\hline 100 & 140 & 100 & 60 \
\hline 80 & 160 & 120 & 70 \
\hline 60 & 180 & 140 & 80 \
\hline
\end{array}$$ (A) What happens to the equilibriun price of shoes and the quantity imported after the tariff is imposed? Draw a Jraph to jllustrate your answar.
(B) Suppose the tariff is remcved and replaced writh a quuta that linits imports to ga,000 shaes. What happens to the price of shoes in cauntry X?
(C) When the guverment switched fram a tariff to a qquta, what happened to government reyenue?

Suppose Country X Imposes a Tariff on Imported Shoes (A) What Happens to the Equilibriun Price of Shoes and Table