The following graph shows the supply of and demand for baseballs in the United States. If the world price is $3 per baseball and a tariff of $1 per baseball is imposed, then the number of baseballs imported is _____.
Definitions:
Equilibrium Point
A state in a market where the supply of goods matches demand, resulting in stable prices and quantities.
Total Revenues
The overall income received by a business from its operational activities, usually from sales of goods or services.
Price Elastic
Refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.
Demand Schedules
A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices over a given period.
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