Question: The market demand function for corn is Qd = 15 - 2P and the market supply function is Qs = 5P - 2.5, both measured

The market demand function for corn is Qd = 15 - 2P and the market supply function is Qs = 5P - 2.5, both measured in billions of bushels per year. Suppose the import supply curve is infinitely elastic at a price of $1.50 per bushel. What would be the welfare effects of a tariff of $0.50 per bushel?

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