A metal is traded in a competitive world market, and the world price is $6 per p

Question

A metal is traded in a competitive world market, and the world price is $6 per pound. Unlimited quantities are available for import into the United States at this price. The U.S. domestic supply and demand for various price levels are shown below. lf there are no tariffs, quotas, or other trade restrictions in the United States, what wiU be the U.S. price and level of imports? If the United States imposes a tariff of $3 per pound, what will be the U.S. price and level of imports? How much revenue will the government earn from the tariff? How large is the deadweight loss? What is the lost CS for U.S. consumers of the fiber? What is the gain for U.S. producers? If the United States has no tariff but imposes an import quota of 16 million pounds, what will be the U.S. domestic price? What is the cost of this quota for U.S. consumers of the fiber? What is the gain for U.S. producers? How large is the deadweight loss? Comment on quote zent! Show on graph!

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