“This whole idea of marginal utility is stupid. I mean, after all, who goes into a store and calculates the marginal utility from something before
September 3, 2020
Berkley Golf and Tennis Club offers golf and tennis memberships. Marketing analysis of the local neighborhood served by the Club shows that there are…
September 3, 2020

Suppose the demand and supply for wine within the U.S. are Qd = 100 – 20P [U.S. demand curve] Qs = 20 + 20P [U.S. supply curve] Suppose the demand and supply for wine in the rest of the world (R.O.W.) are [R.O.W. demand curve] Qs = 40 + 20P [R.O.W. supply curve] Calculate the deadweight loss if the U.S. imposes a tariff of 25 cents per bottle of imported wine.

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