2. Assume that in autarky the price of each car is $8000 in the domestic market. With free trade, this price decreases to $5000, but if a $2000 tariff is imposed on car imports, the price of cars rises to $7000. This situation is depicted in figure below. P 8000 7000 5000 •Sw+t -Sw 20 35 440 45 60 Cars a. Show and calculate the revenue, redistribution, protective, and consumption effects of the tariff.

2. Assume that in autarky the price of each car is $8000 in the domestic market. With free trade, this price decreases to $5000, but if a $2000 tariff is imposed on car imports, the price of cars rises to $7000. This situation is depicted in figure below. P 8000 7000 5000 •Sw+t -Sw 20 35 440 45 60 Cars a. Show and calculate the revenue, redistribution, protective, and consumption effects of the tariff.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 2

Full explain this question

2. Assume that in autarky the price of each car is $8000 in the domestic market. With free trade,
this price decreases to $5000, but if a $2000 tariff is imposed on car imports, the price of cars
rises to $7000. This situation is depicted in figure below.
P
8000
7000
5000
•Sw+t
-Sw
20 35 440 45 60
Cars
a. Show and calculate the revenue, redistribution, protective, and consumption effects of
the tariff.

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