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Assume the US imposes a $10 tariff on Swedish hot tubs being imported to the US.Graph the effects of this tariff, showing the following items

Assume the US imposes a $10 tariff on Swedish hot tubs being imported to the US.Graph the effects of this tariff, showing the following items on the graph: (10 points)

  • consumer surplus
  • producer surplus
  • government revenue
  • deadweight loss
  • what happens to the price after the tariff
  • what happens to quantity of supply and demand after the tariff

Use letters to label the different areas on the graph where needed.

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