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Australia currently imports all the coffee consumed here. The annual demand for coffee of Australian consumers is given by the demand curve Q=312 - 16P, where Q is quantity (in millions of kilograms) and P is the market price per kilogram of coffee. World producers can harvest and ship coffee to Australian distributors at a constant marginal (and average) cost of $10 per kilogram. Australian distributors can in turn distribute coffee for a constant $2 per kilogram. The Australian coffee market is competitive. The Commonwealth government is considering a tariff on coffee imports of $1 per kilogram. Use diagrams to help you illustrate your answers to the below questions.
(i) If there is no tariff, how much do consumers pay for a kilogram of coffee? What is the quantity demanded?
(ii) If the tariff is imposed, how much will consumers pay for a kilogram of coffee? What is the quantity demanded?
(iii) Calculate the lost consumer surplus.
(iv) Calculate the tax revenue collected by the government.
(v) Does the tariff result in a net gain or a net loss to society as a whole?
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