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15. Study Questions #15. Ch 4. Assume the nation of Australia is "small" and thus unable to influence the world price. The following table shows the demand and supply schedules for television sets in Australia. PRICE (Dollars per TV set) 600 500 300 Price of TVs Quantity Demanded Quantity Supplied (Dollars) 500 200 400 300 100 200 100 0 Using the data in the table, use the blue points (circle symbol) to plot the demand curve, and use the orange points (square symbol) to plot the supply curve on the following graph. Then use the black cross to indicate the equilibrium price and quantity (Hint: Be sure to use all the given points to plot the supply and demand curves.) Using the data in the table, use the blue points (circle symbol) to plot the demand curve, and use the orange points (square symbol) to plot the supply curve on the following graph. Then use the black cross to indicate the equilibrium price and quantity. (Hint: Be sure to use all the given points to plot the supply and demand curves.) The equilibrium price is (Units) 0 Under these conditions. changes to S 10 20 30 40 50 Consumer surplus consumption effect. QUANTITY (TV sets) (Units) 50 40 30 falls rises and the equilibrium quantity is 20 10 0 TV sets will be produced, whereas producer surplus becomes S and the producer surplus is S Under free-trade conditions, suppose Australia imports TV sets at a price of $100 each. On the previous graph, use the green triangle symbol to shade the area of consumer surplus. Then use the purple diamond symbol to shade the area of producer surplus The consumer surplus is S Consumer Surplus and the nation's welfare TV sets. A Producer Surplus O To protect its producers from foreign competition, suppose the Australian government levies a specific tariff of $100 on imported TV sets. On the previous gr does not change ints (dash symbol) to plot the world supply with the tariff. With the tariff, the consumers is supplied by Australian producers is the volume of trade is D TV sets. consumed, and 1. imported. As a result, consumer surplus TV sets, whereas the quantity of TV sets demanded by Australian by an amount Grade It Now the protective effect and Save & Continue Continue without saying