Use the scenarios described below to answer this question. Surley is an American bicycle company that...

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Use the scenarios described below to answer this question. Surley is an American bicycle company that gets some of the parts from abroad. Scenario 1: For similar bicycles sold on the world market, the free trade price is $1539. Many of the parts used to make the bicycle are imported. The cost of imported parts is $518. A tariff of $150 is imposed on imported bicycles. Scenario 2: There is a tariff of $64 imposed on imported inputs used to make bicycles. Question: What is the effective rate of protection on bicycles for Scenario 1? Enter your number as a percentage (for 1%, you would enter "1" but not "0.01") rounded to 2 decimal places. Use the scenarios described below to answer this question. Surley is an American bicycle company that gets some of the parts from abroad. Scenario 1: For similar bicycles sold on the world market, the free trade price is $1539. Many of the parts used to make the bicycle are imported. The cost of imported parts is $518. A tariff of $150 is imposed on imported bicycles. Scenario 2: There is a tariff of $64 imposed on imported inputs used to make bicycles. Question: What is the effective rate of protection on bicycles for Scenario 1? Enter your number as a percentage (for 1%, you would enter "1" but not "0.01") rounded to 2 decimal places.

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