ECO203: (International Economics) Calculate the import price, domestic consumption, consumer surplus, producer surplus, tariff revenue, and deadweight loss using a diagram.

Module / Subject / School:

ECO203: International Economics

Requirements:

Consider three small countries – Country A, Country B, and Country C – producing and consuming one good – Good X.

(a) Calculate the import price, domestic consumption, consumer surplus, producer surplus, tariff revenue, and deadweight loss using a diagram. (Word limit: 450 words)

(35 marks)

(b) Suppose Country A and Country B forms a customs union. Analyse/Discuss the changes and implications using a diagram.

(Note: For this question, there is no need to calculate the sizes of the welfare areas mathematically. In other words, there is no need to derive the value of consumer surplus, etc.) (Word limit: 350 words)

(12 marks)

What we score:

78%

Our Writer’s Comment

For Part (a), where you need to calculate various economic measures, clarity and precision are key. Start by ensuring that your diagram is accurate and clearly labeled, as this will guide your calculations. When you’re working out the import price, domestic consumption, consumer and producer surplus, tariff revenue, and deadweight loss, double-check your numbers to avoid any errors.

Make sure your explanations for each calculation are concise yet thorough. You want to demonstrate that you understand not just the “how,” but also the “why” behind the calculations. This will show your deeper grasp of the concepts.

For Part (b), where you analyze the effects of a customs union between Country A and Country B, focus on the qualitative aspects rather than the numbers. Your diagram here should illustrate the economic implications clearly. Discuss the potential benefits and drawbacks of the customs union, such as trade creation and trade diversion, and how these affect the economies of the countries involved. Even though you’re not required to calculate the welfare areas, you should still explain the changes conceptually.

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Sample Assignment

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