Mathematics: Suppose that ireland has placed a tariff of 12% on its exports and a tariff of 21% on its imports. if ireland has tariff revenue worth (equivalent us dollars) $9,148,200 and a balance of trade of $7,100,000, what are its exports and imports worth? a. $950,416 in imports, $8,050,416 in exports b. $3,145,984 in imports, $10,245,984 in exports c. $1,921,122 in imports, $9,021,122 in exports d. $25,140,000 in imports, $32,240,000 in exports

Suppose that ireland has placed a tariff of 12% on

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01.01.2022

Answer:

d. $25,140,000 in imports, $32,240,000 in exports

Step-by-step explanation:

Let x be the export worth and y be the import worth of Ireland.

Since, Balance trade = Export worth - Import worth

Then according to the question we have following equations :-

$0.12x+0.21y=9,148,200...............................(1) \\\\x-y=7,100,000.....................................(2)$

Multiplying equation (2) by 0.21, we get

$0.21x-0.21y=0.21\times7,100,000 \\\\\Rightarrow0.21x-0.21y=1,491,000........................(3)$

Adding (1) and (3), we get

$0.21x+0.12x=9,148,200+1,491,000\\\\\Rightarrow0.33x=10639200\\\\\Rightarrow\ x=32,240,000$

Substituting value of x in (2), we get

$32,240,000-y=7,100,000\\\\\Rightarrow y=32,240,000-7,100,000\\\\\Rightarrow y=25,140,000$

Hence, Ireland's import worth is 25,140,000 and export worth = $32,240,000

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