suppose the supply from China is described by Qs=0.01P-1 and the domestic (American) demand is.Qd-11-0.1P The quantities are in millions of phones and the prices are in $/phone. If the U.S. federal government only cared about its own residents' welfare then it would make sense to ignore producer surplus since those benefits accrue to producers in China. The U.S. is considering imposing a small tariff of $t in order to push down the price producers receive and capture more surplus for America. Fill in the table below to find the surplus for America (consumer surplus + tariff revenue) for different sized tariffs. tariff America's surplus $0 $1250 million $100 $1462.5 million $200$ million $300$ million $400$ million $500 $1562.5 million

suppose the supply from China is described by Qs=0.01P-1 and the domestic (American) demand is.Qd-11-0.1P The quantities are in millions of phones and the prices are in $/phone. If the U.S. federal government only cared about its own residents' welfare then it would make sense to ignore producer surplus since those benefits accrue to producers in China. The U.S. is considering imposing a small tariff of $t in order to push down the price producers receive and capture more surplus for America. Fill in the table below to find the surplus for America (consumer surplus + tariff revenue) for different sized tariffs. tariff America's surplus $0 $1250 million $100 $1462.5 million $200$ million $300$ million $400$ million $500 $1562.5 million

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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