In the absence of trade, how many calculators does Mexico produce and consume? I

ID: 1196240 • Letter: I

Question

In the absence of trade, how many calculators does Mexico produce and consume? In the absence of trade, how much is Consumer Surplus in Mexico? How much is Producer Surplus? With free trade, how many calculators does Mexico import? With a per unit tariff of $3, what is the quantity of imports? What is the loss in consumer surplus due to the tariff? As a result of the tariff what is the Revenue effect? Redistribution effect? Deadweight loss? Why does the overall welfare of a small country decline as the result of a tariff?

Explanation / Answer

1 60

2 Consumer surplus =.5*6*60

and producer surplus = .5*6*60

3 40

4 100

5 there is no loss to the consumer

6 there is a fall in revenue of local producers and a rise in deadweight loss.

7 the overall welfare goes doen due to deadweight loss

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In the absence of trade, how many calculators does Mexico produce and consume? I

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