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4. Draw, label, and explain one diagram illustrating a customs union that is trade diverting and in another diagram one that is trade creating. Show

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4. Draw, label, and explain one diagram illustrating a customs union that is trade diverting and in another diagram one that is trade creating. Show domestic consumption, production, imports, prices, consumer and producer surplus, tariff revenues, and deadweight losses before and after the creation of each customs union. ran

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