tariffs and trade hw

E: 155593: momma: raisins airmen: 2020-033100:00 asst (misnomer) I 5. You have been asked to quantify the effects of removing a country's tariff on sugar. The hard part of the work is already done: Somebody has estimated how many pounds of sugar would be produced, consumed, and imported by the country if there were no sugar duty. You are given the information shown in the table. Situation with Estimated Situation Import Tariff without Tariff World price $0.10 per pound $0.10 per pound Tariff $0.02 per pound 0 Domestic price $0.12 per pound $0.10 per pound Domestic consumption (billions of pounds per year) 20 22 Domestic production HIRE 2020-03-16 'F=F1o.23.2e.png (billions of pounds per year) I 8 6 Imports (billions of pounds per year) 12 16 Calculate the following measures: a. The domestic consumers' gain from removing the tariff. b. The domestic producers' loss from removing the tariff. c. The government tariff revenue loss. (1. The net effect on national well-being. 5.525% I 7! u Eti Gr .I'J