HELP PLEASE!!!Figure: TariffsPrice$9060400350 650$18,000.$54,000.O $31,000.O $13,000.S1150 1550 1800DomesticsupplyWorld supply + tariffWorld supplyDomesticdemandIn the domestic market with international trade and a $20 tariff, revenues collected from the tariff are:Quantityc

The tariffs refer to taxes or duties that are imposed on export and import of goods and services.…

Answered: In the domestic market with…

In the domestic market with international trade and a $20 tariff, revenues collected from the tariff are: $18,000. $54,000. $31,000. O $13,000.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

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.

Question

HELP PLEASE!!!
Figure: Tariffs
Price
$90
60
40
0
350 650
$18,000.
$54,000.
O $31,000.
O $13,000.
S
1150 1550 1800
Domestic
supply
World supply + tariff
World supply
Domestic
demand
In the domestic market with international trade and a $20 tariff, revenues collected from the tariff are:
Quantity
c

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