(Answered) Consider the market for ethanol in the united states

Engineering

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

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

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