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The United States wheat market is shown in Figure 17P-3. Suppose the U.S. wants to protect its wheat industry by imposing a tariff of $1/bushel on foreign wheat, which currently sells at world price $4/bushel.

a. Graph consumer and producer surplus after the $1/bushel tariff is imposed.

b. How much revenue does the U.S. government collect from the tariff?

c. Graph the deadweight loss associated with the tariff.

2301_Figure 17P-3.jpg

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M92758144

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