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Video instructions and help with filling out and completing Country of export on 7501
Instructions and Help about Country of export on 7501
We've already taking a look at a small country export tax where we identified the goals of reducing the domestic price and the potential interest of government earning revenue and noted the downsides of hurting domestic producers who could otherwise export profitably to the international market but there are other motivations for a large country which are quite distinct from the effects of the small country case most importantly a large contributor can restrict the amount of exports that go into the international market forcing the International price up so there's a possibility that an export taxed could actually be beneficial to a domestic economy mainly because of taking advantage of its market power in global markets this is very similar in general effects but the big difference is that you have a difference of effect on the world price so we're gonna imagine a thing exactly the same policy as for the small country again for concreteness let's say the world price is a hundred we put a tax on of of ten dollars so initially the domestic price and the amount that domestic producers get from selling abroad Falls by ten dollars that is the the export tax but has a large country this has an impact on the international market the reduction in the exports of this product will result in a significant fall in the supply of this product on international markets that's going to affect the international markets that's going to raise the price in the in the world economy and that we're going to depict by p1 now how much p1 increases depends depends on the supply and demand elasticity's of this product in the international market all I know is that the world price will rise now what is the price that domestic consumers and producers finally receive whatever the world price is you're going to reduce what domestic firms receive by the by that that same tax rate so we now have the new domestic price equal to P one minus T so you'll notice that the domestic price doesn't rise quite as much as for the as in the in the small country case now the effects on consumer producer surplus are going to depend on whether or how we're going to compare this between the prices in the original situation before the tax and the domestic price after the tax has been imposed and all of the international consequences have have settled out so we're going to be looking at the difference for consumers oh I should say first that we have a difference different level of consumption and a different level of production associated with this final price domestic consumption rises to q3 domestic production Falls to q4 so we're going to take a look at the consumer and producer surplus well this is quite similar to what we've done before consumers gain they gain the area defined by the difference in the price over to the demand.