Q1 http://i316.photobucket.com/albums/mm349/Schlaudraff/ECN1_zps06d8d251.png Wha

Question

Q1

http://i316.photobucket.com/albums/mm349/Schlaudraff/ECN1_zps06d8d251.png

What is the total domestic resource cost of the added units of domestic production?

a) $60

b) $12

c) $44

d) $6

e) $54

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Q2

http://i316.photobucket.com/albums/mm349/Schlaudraff/ECN_zpsed7bebf9.png

a) The dollar amounts of both the production and consumption efficiency losses increase.              

b) The dollar amounts of both the production and consumption efficiency losses decrease.             

c) The dollar amount of the production efficiency loss increases, while the dollar amount of the consumption efficiency loss stays the same.              

d) The dollar amount of the consumption efficiency loss increases, while the dollar amount of the production efficiency loss stays the same.             

e) The dollar amount of both losses remain unchanged.

What is the total domestic resource cost of the added units of domestic production? Figure 3 depicts a market with an existing $2 tariff that experiences growth in demand from Dd to Dd'. What happens to the deadweight losses of the tariff following the increase in demand? The dollar amounts of both the production and consumption efficiency losses increase. The dollar amounts of both the production and consumption efficiency losses decrease. The dollar amount of the production efficiency loss increases, while the dollar amount of the consumption efficiency loss stays the same. The dollar amount of the consumption efficiency loss increases, while the dollar amount of the production efficiency loss stays the same. The dollar amount of both losses remain unchanged.

Explanation / Answer

c

e

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