Answer:
Import= 17,040,000 ; Export=22,550,000
Explanation:
As we know that
Balance of trade = export - import
Let us assume that export be E
And, the import be I
So,
Balance of trade = E - I
$5,510,000 = E - I
E = 5,510,000 + I
Now if we place the equation into the export or import tariffs so it would be
0.13 × I + 0.08 × E = $4,019,200
0.13 × I + 0.08 × ($5,510,000 + I) = $4,019,200
0.13I + 0.08I + $440,800 = $4,019,200
0.21I = $4,019,200 - $44,000
0.21I = $3,578,400
I = 17,040,000
So,
The export is
E = $5,510,000 + I
E = $5,510,000 + $17,040,000
E = $22,550,000
