The Next Three Questions Refer to the Information in the Following

question 20

Essay

The next three questions refer to the information in the following table. (a) What would price and quantity be if the market were closed to international trade? What would the domestic and foreign quantity supplied be if it were open to international trade and the world price was $2?(b) If the world price was $2 and a tariff of $1 were placed on the product, what would be the total revenues going to domestic producers, foreign producers (after-tax), and the government? Explain.(c) Given a world price of $2, what would be the difference in the total revenue received by foreign producers with a $1 per unit tariff compared with a quota of 200 units?

---

Definitions:

Enoxaparin

A medication used as an anticoagulant to prevent and treat blood clots, often administered via injection.

Garlic

A plant known for its strong aroma and flavor, commonly used in cooking, and also for its potential health benefits including antimicrobial and cardiovascular effects.

Hypothyroid Disease

A medical condition characterized by insufficient production of thyroid hormones by the thyroid gland, leading to symptoms like fatigue, weight gain, and cold intolerance.

Allopathic Treatment

Medical treatment based on the use of drugs and surgery to treat symptoms and diseases, as opposed to holistic or alternative methods.