Suppose that Congress imposes a tariff on imported autos
Chapter , Problem 2(choose chapter or problem)
Suppose that Congress imposes a tariff on imported autos to protect the U.S. auto industry from foreign competition. Assuming that the United States is a price taker in the world auto market, show the fol-lowing on a diagram: the change in the quantity of imports, the loss to U.S. consumers, the gain to U.S. manufacturers, government revenue, and the dead-weight loss associated with the tariff. The loss to con-sumers can be decomposed into three pieces: a gain to domestic producers, revenue for the government, and a deadweight loss. Use your diagram to identify these three pieces
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