Use the following to answer question: 
-(Figure: The Market for Laptops) Use Figure: The Market for Laptops.Assume that S and D are the domestic supply and demand curves and the world price is PW.Identify the area of deadweight loss when a tariff raises the domestic price from the world price to PT.
Definitions:
Price Elasticity
Price elasticity measures how the quantity demanded or supplied of a good changes in response to a change in its price.
Linear Demand
A type of demand relationship where changes in price lead to direct, proportional changes in quantity demanded.
Price Elastic
An assessment of the influence that price changes have on the consumer's purchasing volume of a good.
Inversely Related
A relationship between two variables where one increases as the other decreases.
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