5. You have been asked to quantify the effects of removing a country's tariff on sugar. The ompute its value? nard part of the work is already done: Somebody has estimated how many pouncs Sugar would...

You have been asked toquantify theeffects ofremoving acountry's tariff onsugar. ... Part Of The Work Is Already Done:Somebody Has Estimated HowMany Pounds OfSugar Would BeProduced,Consumed, AndImported By TheCountry IfThere Were NoSugar Duty.

Extracted text: 5. You have been asked to quantify the effects of removing a country's tariff on sugar. The ompute its value? nard part of the work is already done: Somebody has estimated how many pouncs Sugar would be produced, consumed, and imported by the country if there were no saber duty. You are given the information shown in the table. Estimated Situation without Tariff Situation with Import Tariff World price $0.10 per pound $0.10 per pound $0.02 per pound $0.12 per pound Tariff $0.10 per pound Domestic price Domestic consumption (billions of pounds per year) Domestic production (billions of pounds per year) Imports (billions of pounds per year) 22 20 8. 16 12 Calculate the following measures: a. The domestic consumers' gain from removing the tariff. b. The domestic producers' loss from removing the tariff. C. The government tariff revenue loss. d. The net effect on national well-being.