Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can I get help with this question. number 5 is the question. I can't seem to get it. thank you. $12,000 G S $9,500 G

can I get help with this question. number 5 is the question. I can't seem to get it. thank you.

image text in transcribed
$12,000 G S $9,500 G F Pe $9,000 Pitt B C D E PW $8,000 A D $7,000 20 40 60 80 NOTES: 1) The numbers/Alphabets refer to specific areas. 2) Quantities are in thousands. A. (30 points) In the above figure, suppose that the vertical axis indicates the price of cars while the horizontal axis indicates the quantity of cars. Suppose also that the price of cars before the tariff was $8,000, which is the world price of a small country. The price of cars went up to $9,000 after a tariff of 12.5%. Based on the information given and the above figure, illustrate the effects of a tariff and numerically calculate the (note: quantities are in thousands): 5. Numerically calculate the before and after tariff total economic loss. Notes: You may come up with different numbers depending how you calculate the losses (such as: (a) by using the before and after the levying of the tariff; or (b) by just eyeballing the welfare losses from the graph and doing the simple calculations.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Analyzing Superfund Economics, Science And Law

Authors: Richard L Revesz, Richard B Stewart

1st Edition

1317354796, 9781317354796

More Books

Students also viewed these Economics questions

Question

=+ How would you feel if you were required to abide by this policy?

Answered: 1 week ago

Question

1. Target a specific number of pages to read and outline.

Answered: 1 week ago

Question

i need 2 5 7 .

Answered: 1 week ago

Question

1. To understand how to set goals in a communication process

Answered: 1 week ago