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5. Home is a small country with respect to bicycles and the components used to make $300 for a bicycle and Pc = $180 for

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5. Home is a small country with respect to bicycles and the components used to make $300 for a bicycle and Pc = $180 for the components. bicycles. World prices are PB = (a) If Home places a 15% import tariff on bicycles (no tariff on components) calculate the Effective Rate of Protection on Bicycles. (b) If Home places a 10% import tariff on components (no tariff on bicycles) calculate the Effective Rate of Protection on Bicycles

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