11. Suppose domestic demand is QD = 16 - P and domestic supply is Qs = P....

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11. Suppose domestic demand is QD = 16 - P and domestic supply is Qs = P. The world price is $2 and the import tariff is $3 per unit. First make a sketch, and then find the following values. Each value will be represented by an area in your sketch.

a. Consumer surplus

b. Producer surplus

c. Government revenue

d. Deadweight loss of the tariff

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Macroeconomics

ISBN: 9780134492056

2nd Edition

Authors: Daron Acemoglu, David Laibson, John List

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Question Posted: Nov 16, 2024 09:00 AM

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11. Suppose domestic demand is QD = 16 - P and domestic supply is Qs = P....

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Macroeconomics

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