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BUS102 Introduction To Microeconomics

tag 0 Download 4 Pages / 812 Words tag 14-09-2020
  • Course Code: BUS102
  • University: Kings Own Institute
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  • Country: Australia

Question:

Australia has signed a free trade agreement with Canada in which Australia would export beef to Canada.

(a) Suppose that the government decides to subsidise exports of beef by paying a certain amount for each kg sold overseas. How does this export subsidy affect thedomestic price of beef, thequantity of beef produced, the quantity of beef demanded, and the quantity of beef exported?

(b) How does it affect consumer surplus, producer surplus, total surplus and government revenue? Illustrate your answer with a supply and demand diagram.

(c) Suppose Canada imposed an import quota on Australian beef. Draw a graph and explain how this quota would influence the consumer prices of beef in Canada, consumer surplus (CS) and producer surplus (PS), benefits of beef importers, and the amount of deadweight loss in Canada.

(d) State and discuss two arguments that could be advanced in support of trade protection.

 
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