Consider the following supply and demand diagram shown for a small domestic country.Note that at the world free-trade price of P* illustrated in the diagram,there are imports of Q1 - Q0.
If a government wanted more tariff revenue,given the same tariff,t,would it desire elastic or inelastic demand of the imported good? Explain.Be sure to illustrate your explanation with an appropriate diagram.
Definitions:
Social Facilitation
The tendency for people to perform differently when in the presence of others versus when alone, typically showing improvement on simple tasks.
Running Quickly
The act of moving swiftly on foot, typically at a pace faster than walking.
Informational Social Influence
This refers to the phenomenon where individuals change their opinions or behaviors based on the information or evidence presented by others, especially in uncertain situations.
Normative Social Influence
The pull of social circles that drives us to amend our actions to achieve their liking and endorsement.
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