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July 23, 2020
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July 23, 2020

trade-restrictions-tariffs

Microeconomics

Trade Restrictions – Tariffs

Directions: Answer the questions below based on the graph.

Microeconomics

  • How many units will the domestic firms produce without trade?
  • How many units will the domestic firms produce without a tariff if the foreign producer can sell the product at a $4 price?
  • How many units will the foreign firms produce / sell if a government tariff of $2.00 is imposed on foreign goods?
  • What will be the total government revenues if a tariff of $2.00 is imposed on foreign goods?
  • What will be the total deadweight losses if a tariff of $2.00 is imposed on foreign goods?

 

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