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Author Question: Refer to Figure 7-4.Suppose the U.S. government imposes a $0.25 per pound tariff on rice ... (Read 82 times)

Arii_bell

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on: Mar 16, 2019

Figure 7-4











Refer to Figure 7-4. Suppose the U.S. government imposes a $0.25 per pound tariff on rice imports. Figure 7-4 shows the demand and supply curves for rice and the impact of this tariff. Use the figure to answer questions a-i.

a. Following the imposition of the tariff, what is the price that domestic consumers must now pay and what is the quantity purchased?

b. Calculate the value of consumer surplus with the tariff in place.

c. What is the quantity supplied by domestic rice growers with the tariff in place?

d. Calculate the value of producer surplus received by U.S. rice growers with the tariff in place.

e. What is the quantity of rice imported with the tariff in place?

f. What is the amount of tariff revenue collected by the government?

g. The tariff has reduced consumer surplus. Calculate the loss in consumer surplus due to the tariff. 

h. What portion of the consumer surplus loss is redistributed to domestic producers? To the government?

i. Calculate the deadweight loss due to the tariff.

Macroeconomics ¦ Hubbard, O'Brien ¦ 6th Edition
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Marked as best answer by Arii_bell on Mar 16, 2019

macagn

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Reply #1 on: Mar 16, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Arii_bell

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Reply 2 on: Mar 16, 2019
Great answer, keep it coming :)

patma1981

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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