Use the graph below and the following information to answer the next question(s). The world price of soybeans is $5.00 per bushel, and the importing country is small enough not to affect the world price. Suppose the government puts a tariff of $1.00 per bushel on soybean imports. How much revenue will the government raise from a $1.00 per bushel tariff on soybean imports? 65 6 5 O $ 20 million O$ 80 million $ 60 million O$ 30 million O$ 20 million 60 70 130 140 Q/millions bushels S World price

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Chapter1: Making Economics Decisions
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Use the graph below and the following information to answer the next question. The world price of soybeans is five dollars per bushel and the importing country is small enough to not affect the real price. Suppose the government puts a tariff of one dollars per bushel on soybean imports how much revenue will the government raise from a one dollar per bushel tariff on soybean imports.

Use the graph below and the following information to answer the next question(s). The world price of soybeans is $5.00 per
bushel, and the importing country is small enough not to affect the world price. Suppose the government puts a tariff of $1.00
per bushel on soybean imports.
How much revenue will the government raise from a $1.00 per bushel tariff on soybean imports?
65
$ 20 million
O $ 80 million
$ 60 million
$
$
30 million
20 million
10 million
60 70
130 140
Q/millions bushels
D
S
-World price
Transcribed Image Text:Use the graph below and the following information to answer the next question(s). The world price of soybeans is $5.00 per bushel, and the importing country is small enough not to affect the world price. Suppose the government puts a tariff of $1.00 per bushel on soybean imports. How much revenue will the government raise from a $1.00 per bushel tariff on soybean imports? 65 $ 20 million O $ 80 million $ 60 million $ $ 30 million 20 million 10 million 60 70 130 140 Q/millions bushels D S -World price
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