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The table shows supply and demand for bicycles in the Canadian domestic market and assume that all bicycles are identical. price Quantity Quantity demanded supplied

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The table shows supply and demand for bicycles in the Canadian domestic market and assume that all bicycles are identical. price Quantity Quantity demanded supplied $5002000 3000 $502500 2500 $003000 2000 $3503500 1500 $3004000 1000 a] Assume there is free trade in bicycles. but the world price of bicycles is $350. What is the level of domestic consumption and domestic production, and level of imports. b] Suppose at this world price of $350. that Canada then imposes a $50 import tariff on bicycles what will domestic consumption and productions be and how much tarilf revenue the government collect? c} Calculate the deadweight loss to the Canadian economy resulting from this tariff of $50 per bicycle

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