$$\begin{array} { | c | c | c | }
\hline \begin{array} { c }
\text { Price } \
\text { (dollars per } \
\text { pound) }
\end{array} & \begin{array} { c }
\text { Quantity supplied } \
\text { (thousands of } \
\text { pounds per year) }
\end{array} & \begin{array} { c }
\text { Quantity } \
\text { demanded } \
\text { (thousands of } \
\text { pounds peryear) }
\end{array} \
\hline 21 & 120 & 60 \
\hline 18 & 100 & 100 \
\hline 15 & 80 & 140 \
\hline 12 & 60 & 180 \
\hline 9 & 40 & 220 \
\hline
\end{array}$$
-The United States imports cheese from a variety of countries. The table above gives the domestic supply of, and demand for, cheese in the United States. The world price of cheese is $12 per pound, and trade is unrestricted.
a) How many pounds of cheese are consumed in the United States?
b) How many pounds of cheese are produced in the United States?
c) How many pounds of cheese are imported into the United States? If a $3 per pound tariff is imposed,
d) How many pounds of cheese are consumed in the United States?
e) How many pounds of cheese are produced in the United States?
f) How many pounds of cheese are imported into the United States?
g) How much will the U.S. government collect in tariff revenue?
h) Who benefits from the tariff? Who loses?

Question

$$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Price } \
\text { (dollars per } \
\text { pound) }
\end{array} & \begin{array} { c } 
\text { Quantity supplied } \
\text { (thousands of } \
\text { pounds per year) }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { demanded } \
\text { (thousands of } \
\text { pounds peryear) }
\end{array} \
\hline 21 & 120 & 60 \
\hline 18 & 100 & 100 \
\hline 15 & 80 & 140 \
\hline 12 & 60 & 180 \
\hline 9 & 40 & 220 \
\hline
\end{array}$$
-The United States imports cheese from a variety of countries. The table above gives the domestic supply of, and demand for, cheese in the United States. The world price of cheese is $12 per pound, and trade is unrestricted.
a) How many pounds of cheese are consumed in the United States?
b) How many pounds of cheese are produced in the United States?
c) How many pounds of cheese are imported into the United States? If a $3 per pound tariff is imposed,
d) How many pounds of cheese are consumed in the United States?
e) How many pounds of cheese are produced in the United States?
f) How many pounds of cheese are imported into the United States?
g) How much will the U.S. government collect in tariff revenue?
h) Who benefits from the tariff? Who loses?

Quizplus · Accepted Answer

The Answer of  $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Price } \
\text { (dollars per } \
\text { pound) }
\end{array} & \begin{array} { c } 
\text { Quantity supplied } \
\text { (thousands of } \
\text { pounds per year) }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { demanded } \
\text { (thousands of } \
\text { pounds peryear) }
\end{array} \
\hline 21 & 120 & 60 \
\hline 18 & 100 & 100 \
\hline 15 & 80 & 140 \
\hline 12 & 60 & 180 \
\hline 9 & 40 & 220 \
\hline
\end{array}$$
-The United States imports cheese from a variety of countries. The table above gives the domestic supply of, and demand for, cheese in the United States. The world price of cheese is $12 per pound, and trade is unrestricted.
a) How many pounds of cheese are consumed in the United States?
b) How many pounds of cheese are produced in the United States?
c) How many pounds of cheese are imported into the United States? If a $3 per pound tariff is imposed,
d) How many pounds of cheese are consumed in the United States?
e) How many pounds of cheese are produced in the United States?
f) How many pounds of cheese are imported into the United States?
g) How much will the U.S. government collect in tariff revenue?
h) Who benefits from the tariff? Who loses?

-The United States Imports Cheese from a Variety of Countries