Question: The US demand for a good is given by: QD= 250-P. The supply of this good by US firms is given by: QS= 6P-240. The

The US demand for a good is given by: QD= 250-P. The supply of this good by US firms is given by: QS= 6P-240. The US price is $70 if there was no trade. The world price is $50. Suppose the government imposes a $10 tariff on this good.

14. Calculate the tariff revenue from this good. _____________________________________ $700

15. Calculate the dollar amount of the lost consumer surplus. _____________________________________ Lost CS= $1,950

Answers are given, please show how to get there.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

The market demand for a good is given by Qd = 3 1 0 - 2 0 P while the supply equation is given by Qs = 1 0 + 1 0 P where P denotes the price of the good. Find the equilibrium price. a . 1 0 b . 2 0 c...

Consider a manufactured good whose production process generates pollution. The annual demand for the good is given by Qd = 1 2 0 2 P . The annual market supply is given by QS = 2 P . For every unit...

Suppose the market for flat-screen computer monitors is perfectly competitive. In the short run there are 30 firms in the market. Each firm's short-run marginal cost is SMC = 10q,where q is the...

1st question. (8 points) Suppose in the short run a monopolist has PC = $100, and MC is given by MC = 4 + Q, where Q is the quantity of output produced by the monopolist. Market demand is given by P...

Consider a manufactured good whose production process generates pollution. The annual demand for the good is given by Qd = 100 - 3P. The annual market supply is given by Qs = P. In both equations, P...

The demand for a good is given by QD = 2 1 2 . 5 1 . 2 5 P , while the supply is given by QS = 1 0 0 P 8 0 0 . If a price ceiling is imposed at P = $ 9 , consumer surplus will:

4 . ( 1 2 marks ) Consider a manufactured good whose production process generates pollution. The annualdemand for the good is given by Qd = 1 0 0 - 3 P . The annual market supply is given by Qs = P ....

Demand for a good is given by QD=100 - P and supply by QS= 0.5P-20, where P is the market price of the good. In equilibrium, price and output under perfect competition will be: A) $70 and 30 units...

Please see attachment, there are problems that I need help to solve them. Anybody could help I would much appreciated! Good Luck!! 1. (i) Demand function for tickets for a rock concert has been...

1)Consider a demand curve of the form Q d = 20-2 p where Q d is the quantity demanded of a good and p is the price of the good. Also consider a supply curve of the form Q s = 2p-4 where Q s is the...

How do the MAD and MSE criteria differ in their approach to evaluating the fit of an estimation equation to a time series?

Outsourcing the payroll function can provide many benefits, but there are also risks associated with outsourcing. The IRS (www.irs.gov) provides information on outsourcing payroll duties for...

One of the limitations of the income statement is that items that cannot be measured reliably are not reported in the income statement. Group of answer choices True False

Hi ! I just joined Julian Communications as an intern and I ' m hoping to work in the media field one day. What does a media planner do ? A media planner controls the ad spend budget and negotiates...

Explain the purposes of managing performance.

List 4 methods to evaluate training.

Explain how a career development program integrates individual and organizational needs.