The diagram below shows the demand and supply curves for refrigerators in Canada.
FIGURE 20-1
Refer to Figure 20-1. Suppose P0 is the world price. If Canada imposes a tariff causing the price of refrigerators in Canada to rise from P0 to P1, the Canadian government will collect tariff revenues equal to
◦ (
P1 -
P0) multiplied by the tariff-induced quantity of refrigerators imported into Canada,
Q2Q4.
◦ the new price,
P1, multiplied by the total quantity of refrigerators purchased in Canada,
Q4.
◦ the original price
P0, multiplied by the original quantity of refrigerators imported into Canada,
Q1Q5.
◦ (
P1 -
P0) multiplied by the tariff-induced quantity of refrigerators imported into Canada,
Q1Q5.
◦ the new price,
P1, multiplied by the total quantity of refrigerators purchased in Canada,
Q2.
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