-If the economy in the diagram above is open to trade,the world price of oil is $20 per barrel,and a $5 per-barrel tariff is levied per barrel of oil imported,then domestic production of oil equals _______ million barrels and domestic consumption of oil equals _______ million barrels.
Definitions:
Fixed Overhead Costs
Expenses that do not change with the level of production, such as rent or salaries of administrative staff.
Effect On Income
The impact of specific actions, events, or decisions on a company's net income or profitability.
Book Value
Book value is the net value of a company's assets as reported on the balance sheet, calculated by subtracting liabilities from the total assets.
Salvage Value
The estimated residual value of an asset at the end of its useful life, used in calculating depreciation.
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