You have been asked to quantify the effects of a country's tariff on rare earth. Somebody has estimated how many ponds of rare earth would be produced, consumed by the country if there were no rare earth duty. You are given the information shown in the table?

Situation Estimat with imp ed situat ort tariff ion wit hout tari ff World price $20 per $20 per pound pound Tariff $5 per p 0 ound Domestic cons 20 22 umption (billions of poun ds per year) Domestic prod 8 6 uction (billions of poun ds per year)