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2 years ago

suppose that the u.s. government imposes a quota on imported textiles and restricts the quantity imported to 3,000 yards.

1 answer:

6 0

The demand and supply of imported textiles are given. Initially, the price is $4.50 per yard and the quantity imported is 4,500 yards.

Now the government imposes quotas on imported textiles. That means the government restricts the quantity that must be imported to 3,000 yards. The graph is as follows:

Initially, the market is in equilibrium at point E. The price iS S4.5 per yard and the quantity

imported is 4,500 yards. After the government puts restrictions on imports, the supply

curve remains the same that is, Upward sloping till 3,000 yards are imported. After that, the supply curve becomes vertical because no more imports are possible whatever the price is. Green colored line is the new supply curve

As a result of this, the equilibrium shifts from point E to point F. The price of

imported textiles has increased to $ó per card and the quantity of import is 3,000 yards.

Learn more about imported textiles here: brainly.com/question/9452496

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suppose that the u.s. government imposes a quota on imported textiles and restricts the quantity imported to​ 3,000 yards.

suppose that the u.s. government imposes a quota on imported textiles and restricts the quantity imported to 3,000 yards.