The US demand for a good is given by: QD= 250-P. The supply of this good by US firms is given by: QS= 6P-240. The US price is $70 if there was no trade. The world price is $50. Suppose the government imposes a $10 tariff on this good.

14. Calculate the tariff revenue from this good. _____________________________________ $700

15. Calculate the dollar amount of the lost consumer surplus. _____________________________________ Lost CS= $1,950

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