Calculate domestic consumers gain from removing the tariff

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Reference no: EM131212556

You have been asked to quantify the effects of removing a country's tariff on sugar. The hard part of the work is already done: Somebody has estimated how many pounds of sugar would be produced, consumed, and imported by the country if there were no sugar duty. You are given the information shown in the table.

Calculate the following measures:
a. The domestic consumers' gain from removing the tariff.
b. The domestic producers' loss from removing the tariff.
c. The government tariff revenue loss.
d. The net effect on national well-being.

Reference no: EM131212556

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