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International trade economics 4800

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Reference no: EM132401076

International Trade Economics 4800

Practice Problems - NTBs

The following table summarizes two hypothetical situations for the US sugar market. The first column depicts the situation in the presence of a quota.

The second column depicts the situation with no quota.

Assume transportation costs are zero and that demand and supply curves are linear.

With                                       Free

Quota                                    Trade

World price of sugar

$280/ton $300/ton

US price of sugar

$470/ton $300/ton

Sugar bought in US/year

8500 thousand tons 9300 thousand tons

Sugar produced in US/year

6400 thousand tons 5100 thousand tons

US workers in Sugar

industry

12,150 9,890

A) Is the US a "large" or "small" country in this market?Why?

B) Represent the effect of the quota in a graph. Be sure to show the free trade equilibrium and the quota equilibrium in terms of consumption, domestic production, imports, and prices. Use the information in the table to label the significantpoints.

C) Calculate the loss of the domestic consumer surplus from the imposition of the quota.

D) Calculate the gain to domestic producers from the imposition of thequota.

E) Calculate the quotarents.

F) Calculate the net welfare change due to thequota?

G) What would the net welfare change be if this were a VER instead of aquota?

H) In the case of a VER, calculate the cost to societyper US job "saved" in the sugarindustry.

Reference no: EM132401076

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