The diagram below shows supply and demand curves for bicycles in the domestic Canadian market.Assume that all bicycles are identical. 
FIGURE 33-4
-Refer to Figure 33-4.Suppose the world price of bicycles is $500 and Canada has in place a 50% tariff on this good.The deadweight loss to the Canadian economy resulting from this tariff is ________ per year.
Definitions:
Marginal Utility
The increase in satisfaction or useful value obtained from the consumption of yet another unit of a good or service.
Milkshakes
A sweet, cold beverage made from blending milk, ice cream, and flavorings or sweeteners such as butterscotch, caramel sauce, or chocolate syrup.
French Fries
Refers to the popular side dish made from potatoes that are cut into strips and fried.
Utility
In economics, a measure of the satisfaction or happiness that individuals get from consuming goods and services.
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