Converstion between Real and Nominal Income:

Calculate the value of consumer surplus (CS tariff) and the value of producer surplus (PS tariff) for the CD player market after introducing the tariff. CS w/Tariff = __$_162___ and PS w/Tariff = __$_36___. Solution: use formula to calculate the area of CS and PS. CSTariff = PSTariff = Calculate the value of total tariff revenue (TR tariff ). ................
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