Question

In order to provide relief from the surge in imports of hangers into the United​ States, a tafiff was recently imposed on wire hangers that increased the price from​ $20 to​ $40 per box of 500 hangers. ​ Initially, there were three​ (3) million boxes of hangers produced domestically and 12.5 million boxed consumed​ (primarily by the nearly​ 30,000 dry cleaning establishments located around the United​ States). After the implementation of the tariff the domestix quantity produced increase from to four​ (4) million boxes of hangers and domestic consumption fell to 10 million boxes of hangers. Before the​ tariffs, how many millions boxes of hangers were imported   nothing After the​ tariffs, how many millions of boxes of hangers were imported nothing After the​ tariff, ​$ nothing millions is raised in tariff revenue. The gain in producer surplus after the tariff is ​$ nothing million. The loss to consumer surplus as a result of the tariff is ​$ nothing. The deadweight loss of the tariff is ​$ nothing million. There are 600 workers employed in the United States producing wire hanger. The average pay for a worker in the industry is ​ $30,000. If we compare the cost of saving all 600 jobs to the loss of consumer​ surplus, the cost of the tariff per job is ​$ nothing ​(Round your answer to the second decimal ​place.). If we compare the cost of saving all 600 jobs to the deadweight​ loss, the cost of the tariff per job is ​$ nothing ​(Round your answer to the second decimal ​place.).

Answer 1