|
Hennepin, IL | "The effect of the tariff depends on the price elasticity of demand and the price elasticity of supply. A tariff will have a greater effect the more elastic the demand and supply. If the demand is inelastic then the imposition of a tariff will have little effect on the level of imports."
Textbook definition of tariffs and who they will affect based on elasticity. With world production at 336.7mmt, usage at 342.4mmt, and ending stocks for 17/18 at 92.5 mmt, which do you think is more elastic, supply or demand? | |
|
I've been reading thru...
