Refer to the figure below to answer the following questions.
The figure shows the market for shirts in Canada, where D is the domestic demand curve and S is the domestic supply curve. The world price is $20 per shirt. Canada imposes a tariff on imported shirts of $4 per shirt.
Figure 31.3.1
-Refer to Figure 31.3.1. With the tariff, Canadians buy ________ million shirts per year.
Definitions:
Joint Costs
Costs that are incurred in the process of producing two or more products simultaneously and cannot be easily separated for each product.
Market Value at Split-Off Method
A method used in accounting to allocate joint costs among products on the basis of their respective market values at the point where they are separable or split-off.
Joint Manufacturing Processes
Production processes in which multiple products are produced simultaneously or sequentially using the same resources or inputs.
Joint Products
Products that are produced together from the same process or production system, each yielding revenue.
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