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Figure 7-2 Price (dollars per pound) $3.00 2.50 1.75 0.500 0 $6 million. $21 million. 15 $30 million. 24 $36 million. 30 36 U.S. supply Suppose the U.S. government imposes a $0.75 per pound tariff on coffee imports. Figure 7-2 shows the impact of this tariff. Pw+Tariff World price, Pw U.S. demand Refer to Figure 7-2. If the tariff was replaced by a quota which limited coffee imports to 12 million pounds, the amount of revenue received by coffee importers would equal 45 Quantity of coffee (millions of pounds)

Figure 7-2 Price (dollars per pound) $3.00 2.50 1.75 0.500 0 $6 million. $21 million. 15 $30 million. 24 $36 million. 30 36 U.S. supply Suppose the U.S. government imposes a $0.75 per pound tariff on coffee imports. Figure 7-2 shows the impact of this tariff. Pw+Tariff World price, Pw U.S. demand Refer to Figure 7-2. If the tariff was replaced by a quota which limited coffee imports to 12 million pounds, the amount of revenue received by coffee importers would equal 45 Quantity of coffee (millions of pounds)

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 6SCQ: A tariff is a tax on imported goods. Suppose the U.S. government cuts the tariff on imported flat...
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Figure 7-2 Price (dollars per pound) $3.00 2.50 1.75 0.50 oo 0 Ⓒ$6 million. $21 million. 15 Suppose the U.S. government imposes a $0.75 per pound tariff on coffee imports. Figure 7-2 shows the impact of this tariff. $30 million. 24 30 36 Refer to Figure 7-2. If the tariff was replaced by a quota which limited coffee imports to 12 million pounds, the amount of revenue received by coffee importers would equal $36 million. U.S. supply Pw+Tariff - World price, Pw U.S. demand 45 Quantity of coffee (millions of pounds)
Transcribed Image Text:Figure 7-2 Price (dollars per pound) $3.00 2.50 1.75 0.50 oo 0 Ⓒ$6 million. $21 million. 15 Suppose the U.S. government imposes a $0.75 per pound tariff on coffee imports. Figure 7-2 shows the impact of this tariff. $30 million. 24 30 36 Refer to Figure 7-2. If the tariff was replaced by a quota which limited coffee imports to 12 million pounds, the amount of revenue received by coffee importers would equal $36 million. U.S. supply Pw+Tariff - World price, Pw U.S. demand 45 Quantity of coffee (millions of pounds)
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