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Ukraine and Russia tax sunflower-seed exports in an effort to promote domestic production and export of sunflower-seed oil. Other smaller agricultural exporters with export taxes include Fiji (sugar), India (hides and skins), Uganda (coffee), Colombia (coffee), Costa Rica (bananas), Guatemala (coffee), and Malawi and Zimbabwe (cotton and tobacco)
Let us say that India imposes an export tax of $10 per unit on hides and skins. At the world price of hides and skins of $40 per unit of a certain type of animal skin, India's domestic production is 10 million units and it exports 5 million units. With the export tax, the domestic production falls to 9 million units and exports fall to 3.5 million units.
Draw a graph to analyze the welfare effects of this export tax.
Calculate:
(i) Change in Consumer Surplus
(ii) Change in Producer Surplus
(iii) Tax revenues
(iv) Deadweight loss.
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