Suppose that canada produces 10 million bicycles a year and, Ask an Expert

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Suppose that Canada produces 1.0 million bicycles a year and imports another 0.4 million; there is no tariff or other import barrier. Bicycles sell for $400 each. Parliament is considering a $40 tariff on bicycles like the one portrayed in given figure.

What is the maximum net national loss that this could cause Canada?

What is the minimum national loss if Canada is a small country that cannot affect the world price?

2209_Figure- The Effect of a tariff on Domestic Producers.png

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91968541

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