Draw a figure similar to Figure 8.1 for Nation 1 but with the quantity of commodity Y
Question:
(a) The level of consumption, production, and imports of commodity Y at the free trade price of PY = $1.
(b) The level of consumption, production, and imports of commodity Y after Nation 1 imposes the 100 percent ad valorem tariff on commodity Y.
(c) What are the consumption, production, trade, and revenue effects of the tariff?
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Draw the figure of partial equilibrium effects of a tariff on commodity Y Th...View the full answer
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