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a. Suppose the Chinese government imposes an export tax on metal ores due to concerns about the negative impact of mining on the environment. Assume that China is a price taker to the market of metal ores, analyse the changes in welfare after the imposition of export tax. Be sure to fully label the diagram [6 marks] b. An economist determines the demand and supply of metal ores in Chinese market without trade as below Demand: P = 300 - 40 Supply: P = 20 + 0.10 where P is dollar per kg and Q is quantity in kg. Suppose the marginal external cost of producing metal ores is represented by MEC 10+ 0.2Q The world price of metal ores is $90. The export tax is $2/kg Does the imposition of export tax increase or decrease welfare? By how much? [9 marks]

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