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Refer to the diagram to the right. The closed-economy equilibrium price is $14. Price, P The world price is $4. 20 A tariff of $2
Refer to the diagram to the right. The closed-economy equilibrium price is $14. Price, P The world price is $4. 20 A tariff of $2 is imposed on this market. 18- Shome 16 What is the combined loss in consumer and producer surplus due to this tariff? 14- -.... A A (Producer + Consumer) Surplus = $ . (Enter your response as a whole number and include a minus sign.) 12- 10- How much tariff revenue is generated by the $2 addition? 8- Tariff revenue = $ . (Enter your response as a whole number.) 6- Putt What is the efficiency loss due to the imposition of the tariff? 4- PW Efficiency loss = $ . (Enter your response as a whole number.) 2- Dhome 10 20 30 40 50 60 70 80 90 100 Quantity
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