Please show working on how to get answer Suppose that Canada possesses the following...
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Suppose that Canada possesses the following industry (inverse) supply and demanc curves for clothing (where quantity measured in pounds): ps=5+20qpd=1305q. Now suppose that the world export supply curve is perfectly elastic and given by p=$65. Given the above, Canada will import of clothing. Now suppose that Canada imposes a tariff of $10 per pound. Assume that all tariff revenue is rebated to consumers. In Canada, the new tariff-inclusive import price will be and there will be a deadweight loss of (a) 11.25lbs;$70 per pound; $12.5. (b) 11.25lbs;$65 per pound; $4.25. (c) 11.25lbs;$60 per pound; $0. (d) 10 lbs; $75 per pound; $12.5. (e) 10lbs;$65 per pound; $4.25
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