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a)In the absence of trade, how many Widgets does this country produce and consume? b)In the absence of trade, what is the country's consumer plus
a)In the absence of trade, how many Widgets does this country produce and consume?
b)In the absence of trade, what is the country's consumer plus producer surplus?
c)With free trade and no tariffs, what is the quantity of Widgets imported?
d)With a specific tariff of $3 per unit, what is the quantity of Widget imports? What is the loss of Consumer Surplus due to the tariff?
e)What is the lowest specific tariff which would be considered prohibitive?
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