Use the following table for a certain product's market in Marketopia to answer thenext question.Quantity DemandedDomestically1,4001,6001,8002,0002,2002,400Quantity SuppliedDomestically2,2002,0001,8001,6001,4001,200Price$109.86.5Assume the small-country model is applicable. If the world price of the product is $6and a tariff of $1 per unit is applied to imports of the product, then the tariff wouldgenerate government revenues ofO A) $600.OB) $1,200.O C) $800.O D) $400.身

Tariff leads to increase in domestic price in comparison to world price.

the following next question. Quantity Demanded Domestically 1,400 1,600 1,800 2,000 2,200 2,400 Quantity Supplied Domestically 2,200 2,000 1,800 1,600 1,400 1,200 Price $10 9. Assume the small-country model is applicable. If the world price of the product is $6 and a tariff of $1 per unit is applied to imports of the product, then the tariff would generate government revenues of O A) $600. B) $1,200. C) $800. D) $400.

the following next question. Quantity Demanded Domestically 1,400 1,600 1,800 2,000 2,200 2,400 Quantity Supplied Domestically 2,200 2,000 1,800 1,600 1,400 1,200 Price $10 9. Assume the small-country model is applicable. If the world price of the product is $6 and a tariff of $1 per unit is applied to imports of the product, then the tariff would generate government revenues of O A) $600. B) $1,200. C) $800. D) $400.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Solve the attachment.
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