5. When a product price is elastic does a drop in price result in
an increase or decrease in earnings?

The three possibilities are laid out in Table 1. If demand is elastic at that price level, then the band should cut the price, because the percentage drop in price will result in an even larger percentage increase in the quantity sold—thus raising total revenue.

Hope that helps

answer would be b, a tariffs main purpose is to protect domestic production and jobs.