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A small country can import a good at a world price of 10 per unit. The domestic supply curve of the good is
S = 20 + 10P
The demand curve is
D = 400 - 5P
In addition, each unit of production yields a marginal social benefit of 10.
a. Calculate the total effect on welfare of a tariff of 5 per unit levied on imports.
b. Calculate the total effect of a production subsidy of 5 per unit.
c. Why does the production subsidy produce a greater gain in welfare than the tariff?
d. What would the optimal production subsidy be?
Identify and document six (6) credible sources (two (2) for each topic) that you would expect to use. Note: Wikipedia and other Websites do not qualify as academic resources.
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