Problem-
Given the following information, calculate the cost to consumer, the benefit to producers, the change in government revenue, and the deadweight loss of a proposed 15% tariff on cars.
Price of cars (free trade): $40,000
Domestic Production (free trade): 200
Domestic Production (after tariff): 260
Domestic Consumption (free trade): 400
Domestic Consumption (after tariff): 360
Additional Information-
The problem related to Economics and it is explain about calculating cost to customer, benefits to producers, and change in government deadweight loss and revenue. This problem is about the tariff on cars which have been produced and consumed domestically.