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2. Let us assume that the free trade price of laptop monitors is $100 and that the US levies a specific tax of $10. Let

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2. Let us assume that the free trade price of laptop monitors is $100 and that the US levies a specific tax of $10. Let us say that the domestic price of laptops rise to $105 (The US is a large country). At the free trade price, the US produces 8 thousand units per week, and imports 16 thousand units. At the higher price of $105, domestic production rises to 10 thousand units per week and imports fall to 10 thousand units. Calculate the following: - (i) Dead weight loss (ii) Gain for the US from the trading partner. (iii) Net Gain/Loss for the US

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