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Market for ethanol in the united states

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Reference no: EM13853120

Consider the market for ethanol in the United States depicted in the figure to the right. Assume the world price of ethanol is $0.90 per gallon, and at that price the United States can buy as much ethanol as it wants without causing the world price to rise.

Now suppose a tariff of $0.80 is imposed by the government.

944_market for ethanol.jpg

  1. What is the dollar amount of the change in consumer surplus as a result of the tariff?
  2. What is the dollar amount of the change in producer surplus as a result of the tariff?
  3. What is the dollar amount of the dead weight loss?

Reference no: EM13853120

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