The following graph shows the domestic demand for and domestic supply of wheat in an economy. Suppose this economy is op

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The Following Graph Shows The Domestic Demand For And Domestic Supply Of Wheat In An Economy Suppose This Economy Is Op 1 (87.98 KiB) Viewed 8 times

The following graph shows the domestic demand for and domestic supply of wheat in an economy. Suppose this economy is open to free trade in the world market for wheat, and the world price of wheat is P = $250 per ton. PRICE (Dollars per ton) 490 460 430 400 370 340 310 280 250 220 190 0 Domestic Demand 3 6 15 18 21 24 QUANTITY (Thousands of tons of wheat) 9 Domestic Supply 12 P. W 27 30 If this economy allows free trade in the market for wheat, it will import (?) tons of wheat. Now suppose the government of this economy decides to impose a tariff of $30 on each imported ton of wheat. After the tariff, the price consumers pay for a ton of wheat is $ , and the economy will import tons of wheat.