The table below represents a country's ordinary demand and supply for peanuts. This country is a small importer. Suppose that the world price of peanuts is $2. Finally, suppose that this country levies a $4 tariff. What is the dollar value of the net change in social welfare resulting from the tariff?

Price	Quantity Demanded	Quantity Supplied
2	1,300	100
4	1,100	200
6	900	300
8	700	400
10	500	500
12	300	600
14	100	700

Answer rating: 100% (QA)

To calculate the net change in social welfare we need to account for 3 things 1 The benefits to domestic producers from the increases in the price whi... View the full answer