The Next Three Questions Refer to the Information in the Following

question 34

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?

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Definitions:

Caenorhabditis Elegans

A free-living, transparent nematode (roundworm), about 1 mm in length, which lives in temperate soil environments. It is extensively used as a model organism in molecular and developmental biology.

Transparent Body

A characteristic of organisms or biological entities that allows light to pass through their tissues, rendering them almost invisible.

Homeobox Genes

Genes that code for transcription factors essential for the proper development and body plan organization in organisms.

Evo Devo

The study of the evolution of the genetic control of development.