Types of protectionism
Imposing a tariff - calculation
Syllabus: Calculate from diagrams the effects of imposing a tariff on imported goods on different stakeholders, including domestic producers, foreign producers, consumers and the government.
For higher level, you need to be able to understand how to calculate the impact of a tariff on a market. You will need to calculate this from linear demand and supply functions and to be able to calculate the change in consumer expenditure and the tariff revenue from the diagram. The presentation below goes through this. Click on the screenshot, or link below, to open the presentation. It will open in a new web window. You will need a headset or speakers to listen to the explanation.
If you have trouble opening this it could be because of the browser you are using - Google Chrome seems to work best