The following table summarizes two hypotheticalsituations for the US Steel market. The first column depicts thesituation in the presence of a tariff. The second column depictsthe situation with free trade.

                                                                       With                                       Free

                                                                       Tariff                                      Trade

World price ofsteel                                       $400/ton                                 $400/ton

US price ofsteel                                            $600/ton                                 $400/ton

Steel bought inUS                                         10 milliontons                       12 million tons

Steel produced inUS                                     4 milliontons                         2 million tons

20) If the labor input is 2 person-hours per finished ton ofsteel, what is the cost to consumers of steel per domestic steelindustry job saved by the tariffs? (Assume 2000 person-hours = 1job.)

options:

	$100,000
	$1,100,000
	$50,000
	$650,000
	$200,000