Price per Tulip Tulips $2.00 $1.25 $1.00 D 400 800 1200 Quantity 600 1000 Refer to...

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Price per Tulip Tulips $2.00 $1.25 $1.00 D 400 800 1200 Quantity 600 1000 Refer to the Figure: Tulip Market. The tariff reven

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Answer 1

Answer #1

World price is $1.

Imposition of tariff raises the world price to $1.25.

Tariff = $1.25 - $1 = $0.25

At price of $1.25, the domestic quantity demanded is 1000 and domestic quantity supplied is 600

Hence, there is a need to import 400 units at a price of $1.25 to meet the domestic quantity demand.

Tariff revenue = Tariff rate * Import

=> Tariff revenue = $0.25 * 400

=> Tariff revenue = $100

Answer: Option (B)

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Answer 2

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