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1. A tariff is effectively a sales tax on imported goods. Suppose the US imposes a $1 per liter tariff on soy sauce. a. Show

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1. A tariff is effectively a sales tax on imported goods. Suppose the US imposes a $1 per liter tariff on soy sauce. a. Show the market for soy sauce before the tariff is imposed. (For simplicity, assume that all soy sauce is imported from Japan.) b. Show the impact of the tariff on the market for soy sauce (Supply, Demand, and equilibrium). {2. Show the impact of the tariff on the wellbeing of consumers and producers

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