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:
Explosion
A sudden and violent release of energy resulting in a rapid increase in volume and release of gases, often accompanied by heat, light, and sound.
Richard Reid
Richard Reid, also known as the "Shoe Bomber," is a British terrorist who attempted to detonate explosives packed into his shoes on an American Airlines flight in December 2001.
Low Explosive
A substance capable of exploding at a slower rate, primarily used for propellants and pyrotechnics, compared to high explosives which detonate.
Organic Solid
A solid material composed of organic compounds, which consist of carbon atoms bonded together in chains or rings.
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