3. The demand and supply curves for wheat are (Home and Foreign '*'): D 200 20P D* 100 20P* S 20+ 20P S* = = 40 + 20P* (a) Starting from free trade, suppose Home imposes a specific tariff of 0.5 on wheat imports. Determine and graph the effects of the tariff on the following: Cons Surplus=_ Prod Surplus=_ Tariff Rev

3. The demand and supply curves for wheat are (Home and Foreign ''): D 200 20P D 100 20P* S 20+ 20P S* = = 40 + 20P* (a) Starting from free trade, suppose Home imposes a specific tariff of 0.5 on wheat imports. Determine and graph the effects of the tariff on the following: Cons Surplus=_ Prod Surplus=_ Tariff Rev

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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