Question

b. after trade opens, what price will costa ricans pay for a pound of sugar? $ 21 c. how much sugar will costa rica export after trade is opened? 80 lbs. d. what is the value of the producer surplus after trade is opened?

Answer 1

Because the domestic price of sugar is the same as the international price of $ 21, Ricans must pay that amount. c) Once trade is open, Costa Rica will export solbs of sugar.

A quota on commodities imported into the US is advantageous to who?

Even if consumers pay more if domestically produced goods are more expensive than imports, quotas ultimately help and protect the producers of a good in a domestic economy. Tariffs and quotas may be used for a variety of purposes.

What is the post-trade consumer surplus?

When customers pay less for a good or service than they would be willing to, this is known as a consumer surplus. Consumer surplus is based on the economic idea of marginal utility, which is the extra pleasure a consumer gets from buying one more unit of a good or service.

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