3. The world price of sugar is $.10 per lb., but import quotas raise the U.S. price to $.225 per lb. a. Compute the tariff equivalent of the quota (as a percent of the world price). b. Due to the high price of sugar in the U.S., high fructose corn sweetener emerges as an economic substitute for sugar. As a result it is expected that the demand for sugar will fall over time. From the perspective of the U.S. sugar industry, are they better off with tariff protection, or a quota which is equivalent today, but which stays fixed over time? Explain using a supply and demand diagram in your answer

ll Fido ? 2:29 PM 84% ezto.mheducation.com - Private Problem 4-4 [Algorithmic) ADVANCED ANALYSIS Given the following diagrams: Q1 = 15 bags, Q2 = 10 bags, Q3 - 22 bags. The market equilibrium price point b is $40 per bag. The price at point a is $70 and the price at point c is $10 per bag. The price at point d is $50 and the price at point e is $30 per bag. The price at point f is $54 and the price at point g is $26 per bag. Apply the formula for the area of a triangle (Area = 2 x Base x Height) to answer the following questions. (a) (b) Emcency bss from underproduction Emcency los from overproduction Quantity (Bags) Quantity (Bags) a. What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output Q, level is being produced? How large is the dollar value of the consumer surplus at that output Q, level? Instructions: Round your answer to one decimal place. b. What is the dollar value of the deadweight loss when output level…

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← → X VD C Calculate the income tax for a single person who has $81,396 of taxable income using the table below which shows the tax brackets for 2016 for single workers. TODE EQ Taxable Income $0 to $9,375 $9,376 to $37,550 $37,551 to $90,850 $90,851 to $189,500 $189,501 to $411,650 $411,651 to $414,500 $414,501 or more Answer to the nearest penny. Tax Rate 12% of amount over $0 $945 plus 16% of the amount over $9,375 $5,278 plus 26% of the amount over $37,550 $18,526 plus 29% of the amount over $90,850 $46,592 plus 34% of the amount over $189,500 $119,622 plus 36% of the amount over $411,650 $120,135 plus 40.2% of the amount over $414,500 hp