Use the graph input tool to help you answer the following questions. You will no

Question

Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly Graph Input Tool Market for Soybeans in Venezuela 885 840 795 750 705 660 615 570 525 480 435 Price (Dollars per ton) Supply 795 Domestic Demand (Thousands of tons of soybeans) Domestic Supply (Thousands of tons of soybeans) 60 240 mand Pw 0. 0 30 60 90 120 150 180 210 240 270 300 QUANTITY (Thousands of tons of soybeans) If Venezuela is open to international trade of soybeans without any restrictions, it will import tons of soybeans Suppose the Venezuelan government wants to reduce imports to exactly 120,000 tons of soybeans to help domestic producers. A tariff of per ton will achieve this A tariff set at this level would raise$ in revenue for the Venezuelan government.

Explanation / Answer

Answer to blank 1: 180 (i.e. 240 - 60)

Answer to blank 2: $45 (i.e. $570 - $525)

Answer to blank 3:$5400 (i.e. $45 * 120)

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