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Assume that Australia imports 1000 pairs of jeans from China at $20 each. With the 100% tariff, the domestic price in Australia is $40. The

Assume that Australia imports 1000 pairs of jeans from China at $20 each. With the 100% tariff, the domestic price in Australia is $40. The cost in Thailand is $30. Australia and Thailand form a customs union. Australia imports 1500 pairs from Thailand and none from China. What are the net gains or losses to Australia of forming a customs union? Draw a diagram to illustrate your answer.

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