Refer to the diagram to the right. The closed-economy 40 equilibrium price is $14. The world price is $8. What is the quantity of imports at the world price of $8 plus a $2 tariff? Imports 30 units. (Enter your response as a whole number.) How much tariff revenue is generated by the $2 tariff? Tariff revenue = $(Enter your response as a whole number) 20- 18- 16- 14- 12- 10- 8- 6- 4- Price, P 10 20 30 A Shome 40 50 60 70 80 Quantity Pw* Pw Drome 90 100

Refer to the diagram to the right. The closed-economy 40 equilibrium price is $14. The world price is $8. What is the quantity of imports at the world price of $8 plus a $2 tariff? Imports 30 units. (Enter your response as a whole number.) How much tariff revenue is generated by the $2 tariff? Tariff revenue = $(Enter your response as a whole number) 20- 18- 16- 14- 12- 10- 8- 6- 4- Price, P 10 20 30 A Shome 40 50 60 70 80 Quantity Pw* Pw Drome 90 100

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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