Suppose the European Parliament is considering legislation that will decrease tariffs on agricultural products imported from the United States. The benefit of the tariff reduction is estimated at 5 per person.

a. Agribo is a hypothetical special interest group that represents the four largest agricultural companies in the European Union. Agribo opposes the legislation and argues that agricultural firms in the European Union stand to lose 500 million if the tariff reduction goesthrough.

If the population of the European Union is 500 million people, what is the estimated benefit to the population of the proposed legislation?

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To find the estimated benefit to the population of the proposed legislation we first need to calcul... View the full answer