Question 2 Full explain this question only part B Send me part B 2. Assume that in autarky the price of each car is $8000 in the domestic market. With free trade,this price decreases to $5000, but if a $2000 tariff is imposed on car imports, the price of carsrises to $7000. This situation is depicted in figure below.P800070005000•Sw+t-SwCars20 35 40 45 60a. Show and calculate the revenue, redistribution, protective, and consumption effects ofthe tariff.b. Describe and estimate the welfare loss associated with the tariff

Tarii revenue is the product of tariff per unit and the quantity imported. Deadweight Loss is the…

Answered: b. Describe and estimate the welfare…

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Economics

b. Describe and estimate the welfare loss associated with the tariff

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Question 2

Full explain this question only part B

Send me part B

2. Assume that in autarky the price of each car is $8000 in the domestic market. With free trade,
this price decreases to $5000, but if a $2000 tariff is imposed on car imports, the price of cars
rises to $7000. This situation is depicted in figure below.
P
8000
7000
5000
•Sw+t
-Sw
Cars
20 35 40 45 60
a. Show and calculate the revenue, redistribution, protective, and consumption effects of
the tariff.
b. Describe and estimate the welfare loss associated with the tariff

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