-The Above Figure Shows the Domestic Supply of and Domestic

question 147

Essay

-The above figure shows the domestic supply of and domestic demand for an imported good. The world price is $15 per unit.
a) At the world price of $15 per unit, what is the domestic consumption and domestic production?
b) At the world price of $15 per unit, what is the quantity imported?
c) If the government imposes a tariff of $5 per unit, what is the domestic consumption and domestic production?
d) With the $5 per unit tariff, what is the quantity imported?
e) How much revenue does the government collect with a tariff of $5 per unit?

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