3. You are given the following information about motorcycles in the United States: Situation with 5%

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3. You are given the following information about motorcycles in the United States:

Situation with 5% Tariff

Situation without Tariff

World Price

$2,000 per cycle

$2,050 per cycle

Tariff at 5%

$100 per cycle

0

US Domestic Price

$2,100 per cycle

$2,050 per cycle

US Consumption

100,000

105,000

US Production

40,000

35,000

Imports

60,000

70,000

1. Represent the information using a neatly labeled diagram depicting the US domestic demand and supply curves. Using the values that you are provided with, label the following on your graph:
(i) domestic production with and without the tariff
(ii) domestic consumption with and without the tariff

(iii) imports with and without the tariff
(iv) domestic price with and without the tariff.

2. Given the information, can you determine whether the importing country is small or large? How?

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