Which Americans benefit from the tariff? Why?    Describe why the imposition of a tariff creates a deadweight loss

Q: If the demand of an imported good is perfectly inelastic, a tariff imposed on its import will be: a.…

A: When demand for the imported good is perfectly inelastic, quantity demanded does not decrease at all…

Q: Analyze the Economic Effects of Tariffs and Quotas. Give examples.

A: Trade restrictions are any impediments, in whatever form, that are put in the way of the imports and…

Q: What are tariffs? How do tariffs affect consumers and producers well- being?

A: Tariffs It is another word of tax which is imposed by the government on goods and services which is…

Q: Using an appropriate diagram, explain and illustrate the overall welfare effects of a tariff and a…

A: Different nations governments have interfere in international trade for both economic and…

Q: Describe the structure of the tariff in the industrial countries?

A: A tariff is a duty forced by an administration of a country or of a supranational association on…

Q: The demand for cameras in a certain country is given by D = 8000 – 30P, where P is the price of…

A: Given  Domestic demand equation of camera: D=8000-30P Domestic supply equation of camera: S=4000+10P…

Q: Suppose Russia can produce automobiles relatively cheaply, but they have poor gas mileage and create…

A: A tariff is a government-imposed tax on products and services imported from other nations that…

Q: what is tariff and how does it effect the economy

A: Tariff is a type of trade barrier that has several forms. Tariff benefits few domestic sectors if…

Q: In 2019, Japan had a tariff on canola oil imports from Canada of 13.2 yen per kg. This same year,…

A: Equilibrium is achieved at the output level where quantity supplied equals quantity demanded.

Q: If the free trade price is IP and this country imposes a trade tariff of $3, what will be the…

A: The government interruption affects productivity and consumption levels. Implementation of tariffs…

Q: When a tariff is imposed on a good, the price to consumers rises; rises falls; falls falls; rises…

A: When the tariff is imposed on a good the price for the consumer increases because it is like a hike…

Q: The effect of imposing a tariff on a specific imported good is to the domestic price of the good and…

A: A tariff is a tax forced by a government on goods and services imported from different nations. The…

Q: Describe what a tariff is and its economic effects

A: Tariff is a duty or a tax imposed on the foreign commodity by the domestic government to restrict…

Q: Suppose the U.S. imposes a tariff of $1 per pound of sugar on imports. What is the equilibrium price…

A: New equilibrium price with tariff = $2 + $1 = $3 Quantity of sugar with tariff: QT = 8 – 3 QT = 5

Q: What are some pros and cons of tariff? Why were the tariff enacted in the first place.

A: Tariff is one kind of tax laid on foreign imported goods The benefits of tariff are listed below:…

Q: If TC = 12q - 12q2 +32q + 32 and have a budget of 100000$, how many units we can produce and stay…

A: It is given that: TC = 12q3 - 12q2 + 32q + 32 The budget is $100,000

Q: What are the similarities and differences between an important quota and an important tariff

A: Tariffs are taxes imposed on imported goods. The main purpose of tariff is to increase revenue and…

Q: Foreign's demand curve for wheat is p*=8-1/20q*d. Its supply curve is p*=2+1/20q*s   Determine the…

A: A tariff refers to the tax imposed by the government of a nation or by a supranational union on…