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Price (dollars per pound) $5.00 Supply 3.00 2.00 Pw+ taritt 150 World price (P 0.75 Demand 7 10 12 15 20 Quantity of sugar (millions of pounds) Suppose the U.S. government imposes a $0.50 per pound tariff on sugar imports. Figure 8-4 shows the demand and supply curves for sugar and the impact of this tariff. Refer to Figure 8-4. How much tax revenue is generated from the tariff? O $10,000,000 O Cannot be determined from the information given. O $2,500,000 O $30,000,000

Price (dollars per pound) $5.00 Supply 3.00 2.00 Pw+ taritt 150 World price (P 0.75 Demand 7 10 12 15 20 Quantity of sugar (millions of pounds) Suppose the U.S. government imposes a $0.50 per pound tariff on sugar imports. Figure 8-4 shows the demand and supply curves for sugar and the impact of this tariff. Refer to Figure 8-4. How much tax revenue is generated from the tariff? O $10,000,000 O Cannot be determined from the information given. O $2,500,000 O $30,000,000

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 8-4 Price (dollars per pound) $5.00 Supply 3.00 Pw+ tariff World price (Pal 2.00 1.50 0.75 Demand Quantity of sugar (millions of pounds) 7 10 12 15 20 Suppose the U.S. government imposes a $0.50 per pound tariff on sugar imports. Figure 8-4 shows the demand and supply curves for sugar and the impact of this tariff. Refer to Figure 8-4. How much tax revenue is generated from the tariff? O $10,000,000 O Cannot be determined from the information given. O $2,500,000 O $30,000,000
Transcribed Image Text:Figure 8-4 Price (dollars per pound) $5.00 Supply 3.00 Pw+ tariff World price (Pal 2.00 1.50 0.75 Demand Quantity of sugar (millions of pounds) 7 10 12 15 20 Suppose the U.S. government imposes a $0.50 per pound tariff on sugar imports. Figure 8-4 shows the demand and supply curves for sugar and the impact of this tariff. Refer to Figure 8-4. How much tax revenue is generated from the tariff? O $10,000,000 O Cannot be determined from the information given. O $2,500,000 O $30,000,000
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