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12. Consider the market from the previous question, and assume it is open to international trade. a) If the government instituted a $3 tariff, what
12. Consider the market from the previous question, and assume it is open to international trade. a) If the government instituted a $3 tariff, what would be the new price and quantity traded? ($ type your answer.. and type your answer units) b) How many units would be imported after the institution of the tariff? (type your answer... units) c) What would be the revenue generated from the tariff? ($ type your answer... d) What would be the value of wasted resources resulting from the tariff? ($ type your answer... e) What would be the value of lost gains from trade resulting from the tariff? ($ type your answer... $16 Sus $10 $7 $4 Sworld Dus 200 350 500 750 1,000
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