he following table gives the supply and demand of golf clubs in Country X. Country X is a small country. The world price is $60 per golf club. Price Quantity Supplied Quantity Demanded $50 100 700 $60 200 600 $70 300 500 $80 400 400 $90 500 300 $100 600 200 $110 700 100 a. In a world with no trade, how many golf clubs will Country produce? Show/explain your work. b. With free trade, how many golf clubs will Country X import? Show/explain your work. c. Suppose that Country X now imposes a tariff of $20 on each imported golf club. How many golf clubs will it now import? Show/explain your work. d. What is the value of the total welfare losses that Country X will suffer as a result of the tariff on imported golf clubs? Show/explain your work. e. How much total tariff revenue will Country X collect when it imposes the tariff on imported golf clubs? Who will benefit from the tariff? Show/explain your work
The following table gives the
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