Show the effects of the $40 tariff on the following graph.Use the black line (plus symbol) to indicate the world price plus the tariff. Then, use the green points (triangle symbols) to show the consumer surpluswith the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral (squaresymbols) to shade the area representing government revenue received from the tariff and the tan points (rectangle symbols) to shade the areasrepresenting deadweight loss (DWL) caused by the tariff.680Domestic DemandDomestic Supply640World Price Plus Tariff600560520CS480440PSPw400360Government Revenue3202800 1560 75304590105120 135150DWLQUANTITY (Tons of soybeans)Complete the following table to summarize your results from the previous two graphs.Under Free TradeUnder a Tariff(Dollars)(Dollars)Consumer SurplusProducer SurplusGovernment RevenueBased on your analysis, as a result of the tariff, Zambia's consumer surplusI onby S, producer surplusby sand the government collects Sin revenue. Therefore, the net welfare effect is aof2$PRICE (Dollars per ton)

Tariff refers to the tax imposed by the government on the imported goods in order to restrict the…

Show the effects of the $40 tariff on the following graph. Use the black line (plus symbol) to indicate the world price plus the tariff. Then, use the green points (triangle symbols) to show the consumer surplus with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadnilateral (square symbols) to shade the area representing government revenue received from the taniff and the tan points (rectangle symbols) to shade the areas representing deadweight loss (DWL) caused by the taniff. Domestic Demand Domestic Supply 680 640 World Price Plus Tariff 600 560 520 cs 480 440 PS 400 360 Government Revenue 320 280 0 15 30 45 60 75 90 106 120 135 150 DWL QUANTITY (Tons of soybeans) Complete the following table to summarize your results from the previous two graphs. Under Free Trade Under a Tariff (Dollars) (Dollars) Consumer Surplus Producer Surplus Government Revenue Based on your analysis, as a result of the tariff, Zambia's consumer surplus by s producer surplus v by s and the government collects S in revenue. Therefore, the net welfare effect is a v of PRICE (Dollars per ton) (2)

Show the effects of the $40 tariff on the following graph. Use the black line (plus symbol) to indicate the world price plus the tariff. Then, use the green points (triangle symbols) to show the consumer surplus with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadnilateral (square symbols) to shade the area representing government revenue received from the taniff and the tan points (rectangle symbols) to shade the areas representing deadweight loss (DWL) caused by the taniff. Domestic Demand Domestic Supply 680 640 World Price Plus Tariff 600 560 520 cs 480 440 PS 400 360 Government Revenue 320 280 0 15 30 45 60 75 90 106 120 135 150 DWL QUANTITY (Tons of soybeans) Complete the following table to summarize your results from the previous two graphs. Under Free Trade Under a Tariff (Dollars) (Dollars) Consumer Surplus Producer Surplus Government Revenue Based on your analysis, as a result of the tariff, Zambia's consumer surplus by s producer surplus v by s and the government collects S in revenue. Therefore, the net welfare effect is a v of PRICE (Dollars per ton) (2)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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