The graph above shows the demand and supply of socks for the country of Banglade

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October 18, 2020
If the government were to place a minimum price on the saw machines needed to create a pencil in order to support the industrial saw market, what are…
October 18, 2020

The graph above shows the demand and supply of socks for the country of Banglade

The graph above shows the demand and supply of socks for the country of Bangladesh.

a. If trade is avoided, Bangladesh consumes _____ pairs of socks at a price of _____ per socks.

b. With free trade, for a world price of $4 per pair of socks, Bangladesh is producing _____pairs of socks.

c. With free trade, for a world price of $4 per pair of socks, Bangladesh is consuming _______ pairs of socks.

d. With free trade, for a world price of $4 per pair of socks, Bangladesh is importing _________pairs of socks.

e. If the world price is $4 per sock, and the government of Bangladesh imposes a tariff of $1, Bangladesh produces ____________ and imports __________pairs of socks.

f. If the world price is $4 per pair of socks, and the government of Bangladesh imposes a tariff of $1, how much tariff revenue will the Bangladesh government collect? _____ .

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The graph above shows the demand and supply of socks for the country of Banglade was first posted on October 18, 2020 at 10:57 pm.
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