Use the following to answer questions :
Figure: The Market for Laptop Sleeves 
-(Figure: The Market for Laptop Sleeves) Look at the figure The Market for Laptop Sleeves. Assume that S and D are the domestic supply and demand curves and the world price is PW. Identify the area of deadweight loss when a tariff raises the domestic price from the world price to PT.
Definitions:
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good, often used to understand the sensitivity of consumers to price changes.
Income Elasticity
Income elasticity measures how the demand for a good or service changes in response to changes in consumer income.
Marginal Utility
The extra pleasure or benefit gained by a consumer from consuming an additional unit of a product or service.
Utility Function
A mathematical representation of how consumers rank different bundles or combinations of goods according to their level of satisfaction.
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