Graph on assignment question (1 Viewer)

[thumper123]

Hi,

This is a question given to me on an assignment to complete over the holiday period.
Not looking particularly for anyone to answer the question for me, but more explain how to get the answer.
I feel that there is some inconsistencies in the graph where at the bottom right hand corner says it's in 000's

(I'm assuming that the answer is $2000 )

I added attachment not sure if I did so correctly though.

 

[haysheet]

quantity imported at world price = difference between domestic supply and demand at price of 15 = 40000 units
quantity imported at world price+tariff = difference between domestic supply and demand at price of 20 = 20000 units

difference in quantity imported: 40000-20000=20000
difference in revenue for foreign producers = 20000*10 = 200000

the person who wrote the answer didn't see the 100s factor so the closest answer is $2000

 

[thumper123]

Thank you!

After much argument with my teacher they have FINALLY realised what I was saying about the '000 on the bottom right corner.
I just needed some reassurance since I'm still learning the concepts and started to doubt myself when my teacher was saying not to change any factors and it was fine.

I'll keep this in mind forever now to always just go with the closest if it ever happens again lol
Thanks again