Using the following graph to answer the questions belowa

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Reference no: EM13374199

Using the following graph to answer the questions below

271_Total consumer surplus loss.png

a. What would be the price of steel in the United States if a policy of "self-sufficiency" were established and no imports were allowed? How many tons of steel would be produced?

Price of steel: ______________________

Tons of steel: ______________________

b. If the world price of steel were $100 per ton and the United States adopted a free-trade policy, identify on the graph and state below how much steel would be produced in the United States, and how much would be imported.

Steel produced in US: ______________________

Steel imported: ______________________

c. Show on the graph and determine the dollar magnitudes of the different effects of a 20 percent tariff on steel imports.

Total consumer surplus loss: ______________________

Redistributive effect: ______________________

Protective effect: ______________________

Revenue effect: ______________________

Consumption effect: ______________________

Reference no: EM13374199

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