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The domestic demand for bicycles is given by Q = 32/0.3 - P/0.3 The foreign supply is given by P = 16 and domestic supply by Q = P/0.4 - 12/0.4
(a) Illustrate the market equilibrium on a diagram, and illustrate the amounts supplied by domestic and foreign suppliers in equilibrium.
(b) If the government now imposes a tariff of $3 per unit on the foreign good, illustrate the impact geometrically.
(c) In the diagram, illustrate the area representing tariff revenue.
(d) Compute the price and quantity in equilibrium with free trade, and again in the presence of the tariff.
(e) Show the dead-weight loss
(f) Explain costs and benefits of a tariff.
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