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Micro 2.9-World Trade: Exports & Tariffs vs. Imports

Last updated 12 months ago

15 Nsɛmmisa

Using the graph, assume that the government imposes a $1 tariff on hammers. Answer the following questions given this information.

1

1

1

1

1

1

1

1

1

1

1

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11.

With trade allowed, this country will export how many units?

1

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12.

Consumer surplus before trade is

1

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13.

Consumer surplus after trade is

1

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14.

Producer surplus before trade is

1

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15.

Producer surplus after trade is

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1.

What is the domestic price of hammers after the tariff is imposed?

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2.

What is the domestic quantity demanded of hammers after the tariff is imposed?

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3.

What is the quantity of hammers imported before the tariff?

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4.

What is the quantity of hammers imported after the tariff?

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5.

What would be the amount of consumer surplus before the tariff?

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6.

What would be the amount of consumer surplus after the tariff?

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7.

What would be the amount of producer surplus before the tariff?

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8.

What would be the amount of producer surplus after the tariff?

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9.

What would be the amount of government revenue because of the tariff?

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10.

What would be the total amount of deadweight loss due to the tariff?