Consider the supply and demand schedules in this figure (Qd=10-2P, Qs=3P). In autarky, what is the total surplus in this market? (enter a whole number, no symbols or units) Consider the supply and demand schedules in this figure (Qd=10-2P, Qs=3P). With free trade, and a world price of $1, what is the total surplus in this market? (enter a number, no symbols or units) Consider the supply and demand schedules in this figure (Qd=10-2P, Qs=3P). With trade, a tariff equal to $0.50, and a world price of $1, what is the revenue from the tariff in this market? (enter a number, no symbols or units

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Protective Tariffs

A tariff is a kind of tax that is charged on exported and imported items. It means tariff is charged on both kinds of goods i.e., exported and imported. However, some goods may be exempted from this kind of tariff. Protective Tariffs refer to the charges which a country charged on imported goods to protect its domestic market. It also protects countries Industrialists in their Production. So, that their markets remain intact and do not get dumped by outside supply.