You have been asked to quantity the effects of a country's tariff on rare earth. Somebody...

 

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You have been asked to quantity the effects of a country's tariff on rare earth. Somebody has estimated how many ponds of rare earth would be produced, consumed by the country if there were no rare earth duty. You are given the information shown in the table Estimated situation without tari Situation with import tarit World price $20 per pound $20 per pound Tarin $5 per pound Domestic consumption (bilions of pounds per 20 22 year) Domestic production (billions of pounds per i ofs year) Calculate the following measures (draw a diagram and put all numbers on it): . a. the domestic price with tariff and without tariff - b. the import quantity with tariff and without tariff .c. the domestic consumers' gain from removing the tariff. - e. the domestic producers' loss from removing the tariff. f. the government tariff revenue loss. g. the net effect on national well-being You have been asked to quantity the effects of a country's tariff on rare earth. Somebody has estimated how many ponds of rare earth would be produced, consumed by the country if there were no rare earth duty. You are given the information shown in the table Estimated situation without tari Situation with import tarit World price $20 per pound $20 per pound Tarin $5 per pound Domestic consumption (bilions of pounds per 20 22 year) Domestic production (billions of pounds per i ofs year) Calculate the following measures (draw a diagram and put all numbers on it): . a. the domestic price with tariff and without tariff - b. the import quantity with tariff and without tariff .c. the domestic consumers' gain from removing the tariff. - e. the domestic producers' loss from removing the tariff. f. the government tariff revenue loss. g. the net effect on national well-being

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In the diagram below we have shown the demand supply diagram for the ... View the full answer