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A product is produced by Home Monopoly and sold for $10 in the home market. How would home production, consumption, price, and welfare change if

A product is produced by Home Monopoly and sold for $10 in the home market.

  1. How would home production, consumption, price, and welfare change if this country engages in free trade?
  2. How would home production, consumption, price, and welfare change if this country imposes tariff of 10%? Make sure that you analyze the welfare change by main stakeholders - consumers, producers and government.

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