? Quantitative/Graphing Problems
1.
In the Figure above, in the absence of Trade how many Widgets does this country produce and consume? Answer: 60 2.
In the absence of trade what is the country’s consumer plus producer surplus? Answer: $180, $180 3.
With free trade and no tariffs, what is the quantity of Widgets imported? Answer: 100 4.
With a specific tariff of $3 per unit, what is the quantity of Widget imports? Answer: 80 5.
The loss of Consumer Surplus due to the tariff equals Answer: $230 6.
The lowest specific tariff which would be considered prohibitive is Answer: $5
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