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S 28 Price (dollars per unit) 24 World Price 20 + tariff World Price 16 D 12 0 3 6 9 12 Quantity (millions of

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S 28 Price (dollars per unit) 24 World Price 20 + tariff World Price 16 D 12 0 3 6 9 12 Quantity (millions of units per year) 5a. What is the amount of the tariff per unit?_ 5b. By how much did imports decrease per year as a result of the tariff? 5c. What is the amount of the deadweight loss as a result of the tariff? (measured in dollars). 5d. What is the amount of the tax revenue collected by the government? (measured in dollars). 5e. Which group (if any) is made worse off as a result of the country applying tariffs to imports? (i.e. experienced a reduction in surplus). 5f. Which group (if any) is made better off as a result of the country applying tariffs to imports? (i.e. experienced an increase in surplus). 5g. With the tariff, how many units are produced by domestic producers? 5h. With the tariff, how many units are consumed by domestic consumers? Blank # 1 Blank # 2 A Blank # 3 A Blank # 4 Blank # 5 A/ Blank # 6 A Blank # 7 Blank # 8

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