In Question 54 Can You Find Out the Deadweight Loss

question 47

Essay

In question 54 can you find out the deadweight loss to the society,the loss to the consumers and the gain of the producers and also the amount of the tariff revenue generated from the tariff.

---

Definitions:

Social Influence

The effect that the words, actions, or mere presence of other people have on our thoughts, feelings, attitudes, or behaviors.

Peer Pressure

The influence exerted by a peer group, encouraging individuals to change their attitudes, values, or behaviors to conform to group norms.

Asch Experiment

A series of psychological experiments conducted by Solomon Asch studying if and how individuals yielded to or defied a majority group.

Groupthink

A phenomenon that occurs within a group of people in which the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.